Pivotal Point LLLP/Everett Housing Authority 7/7/2025

14. Contain a deductible or self insured retention(SW)not greater than$10,000 (except when a separate wind-loss deductible applies,then the amount must not exceed 3%of the face amount of the policy). 15. Builders Risk policies must be on a non-reporting basis. 16. Not contain any effective co-insurance provisions. 17. Not use a blanket or package policy unless it provides the same or better coverage as a single property insurance policy,and: • All other projects must be listed and identifiable in the policy and associated schedules. Note:The Declaration page listing each appropriate Endorsement /Form and copies of each Form will be accepted as evidence. • Total coverage must be based on 100%replacement value of all properties covered , Coverage limits other than replacement cost are generally not acceptable and any variations from an amount less than replacement cost must be pm approved by the SM. B. Insurance to be Maintained During Construction The following coverages must be maintained on all properties, on a per project basis, during construction and until permanent insurance is placed, and are required by all investors (unless noted)though amounts may vary. 1. Owner's Commercial General Liability and Excess/Umbrella Liability Insurance: Managing Member shall carry,for the benefit of the Company and Managing Member,covering the premises and operations by independent contractors, Commercial General Liability Insurance of the real estate development class against claims for bodily injury, personal injury and products and completed operations.. • • Form should remain silent on assault & battery, sexual assault and punitive damages (no exclusions or limitations). • Environmental Liability Insurance will be required for existing Apartment Complexes that are being substantially rehabilitated. • The minimum amount of primary coverage is $1 million per occurrence / $2 million general aggregate and contain a deductible no greater than$10,000. • The minimum Umbrella/Excess Liability Insurance ranges from$4 million per occurrence and$4 million general aggregate to $30 million per occurrence and $30 million general aggregate (depending on investor and the guidelines shown below): Garden Apts 1-3 stories,SF,&other non-elevator buildings: <50 Units:$4 million as noted above 51 -300 Units:$5 million >300 Units:$5-$10 million,depending on location/conditions Mid-rise Apartment Building(4-10 stories): <50 Units:$5 million as noted above 51-300 Units:$5-$10 million,depending on location/etc. >300 Units:$10-$20 million,depending on location/conditions High-rise Apartment Building(11-40 stories): 1 -300 Units:$10-$30 million,depending'on location/conditions >300 Units:$30 million and above,depending on location/etc. • 2. All-Risk Builder's Risk Insurance: Insurance providing 100%replacement cost coverage(including a 5%contingency), in an amount equal to the completed construction value plus personal property and shall include coverage for Soft Costs including 12 months Business Interruption (Loss of Rents) or actual loss sustained, loan interest,real estate taxes, architect's&engineer's fees,legal &accounting fees, insurance premiums, and advertising and promotional expenses. Additional coverage requirements are as follows:. • If any of the units will be turned over and occupied prior to completion, policy shall include a Permission for Partial Occupancy Endorsement.