1. What does "vacant" mean?
"Vacant" is defined as follows:
A dwelling that contains no more than 4 residential units
A dwelling that is totally vacant and not undergoing repairs, remodeling or renovations of any kind
4. What is the difference between a "vacant" dwelling policy and a "vacant dwelling renovations" policy?
The "vacant" dwelling policy is strictly intended to provide coverage for a "vacant" building that will have no occupancy or activity whatsoever except to show to potential buyers or renters. The Vacancy Warranty (F135) attached to the policy suspends coverage if the insured fails to meet this requirement.
The "vacant dwelling renovations policy" does not have the Vacancy Warranty (F135) attached therefore, it allows for activities related to remodeling or renovating.
5. What property coverage form is provided?
Coverage is provided using the Commercial Basic Causes of Loss Form CP1010 along with either CP0010 (Building & Pers Prop Coverage Form), CP0020 (Builders Risk Coverage Form) or CP0018 (Condominium Unit Owner Coverage Form).
7. What policy terms are offered?
The standard term is 12 months. However, 3 and 6 month terms are available in many states. Premium for the first 3 months is always fully (100%) earned (except in Michigan and Texas).
12. Does Coinsurance apply?
Yes, an 80% coinsurance clause applies to building and personal property; 100% coinsurance applies to renovation values and builders risks.
14. How will I be billed?
The applicant will be billed directly upon approval of the policy. All subsequent premium payments will also be billed directly to the billing party on the policy.
20. How do I obtain a commercial quote?
To obtain a commercial quote, all you need to do is:
a. Print out the vacant building application (same as the one used for vacant residential dwellings)
b. Complete the application fully and email or fax the completed application to:
J.H. Ferguson & Associates, LLC
e: vacantexpress@jhferg.com
f: 312.705.4289