For this week’s Coffee Break, we have a special presentation
Understanding Owner Carried Insurance Policies for Cottage Cluster Developments
Presented by:
Andy Oldenburg
Commercial Sales Executive, CRM, CRIS
As the real estate market changes in the Northwest, developers and builders are constantly chasing new product types to maintain sales volume. In Oregon particularly, a new zoning change has opened the option to build “cottage clusters” as a for-sale product. Oftentimes a wrap/OCIP/CCIP policy is pitched as the solution to protect everyone involved with a condo or for sale project. But does a wrap actually do what they promise? And do architects even get coverage through them? This presentation will help you understand how these policies work in practice and what kind of coverage they can provide.
Learning Objectives:
Understand how the insurance market covers owners, contractors, architects, and engineers through various insurance products.
How the zoning of cottage clusters creates a concerning coverage gap in the general liability insurance of most general contractors and artisan contractors.
Dive into what are known as wraps/OCIPs/CCIPs to better understand what they cover and what they don’t.
What insurance should an architect carry for themselves on a for-sale project.
If you would like to be added to the calendar invite, please contact Kathy Wendland.