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The Concept
OMNI C2P Builders Risk is a patented online builder’s risk insurance facility that enables construction lenders to leverage the number of loans they originate into discounted rates on the required property insurance their borrowers need for loan closings. OMNI C2P’s unique program structure provides 24/7 online convenience, transparent access to coverage data and significant cost savings to each party involved in the loan transaction. OMNI C2P Builders Risk is also a
green
business solution that saves time, money and natural resources by automating the delivery of insurance coverage when and where it is needed. The OMNI C2P’s concept includes:
A blanket reporting form builder’s risk insurance policy underwritten with the Construction Lender as the initial named insured. Lenders have always had the largest insurable interest in each construction project financed. With OMNI, they now have the ability to proactively protect their investment.
Borrowers are offered the option of adding their project to the Lender’s blanket policy as an additional insured via OMNI C2P’s secure website where Certificates of Property Insurance are provided for each loan insured. New starts may be reported by either the Borrower or the Lender with both parties provided secure access to store or print Certificates of Property Insurance for their loan.
Borrowers still pay for the dual interest coverage, however the rates are up to 25% less expensive due to the automated efficiencies the OMNI C2P Builders Risk system provides.
Lenders are assured the required insurance coverage is in place and the premium has been paid.
Broad uniform coverage under a single blanket policy that includes earthquake coverage in most areas (most builder’s risk policies exclude earthquake!)
Because the Lender owns the blanket policy, they gain 24/7 online access to insurance coverage data including the ability to produce Certificates Of Insurance to document loan files.
Because the Lender owns the blanket policy, the prepaid coverage remains in place protecting the Lender if the loan goes into foreclosure.
Reduced Expenses associated with insurance tracking and insurance exceptions.
Converts a source of risk, that the Borrower may not maintain insurance coverage, into a source of additional non-interest income via commissions paid to the Lender’s insurance subsidiary (avg. $67.50 per insured loan).
Provides Lender’s insurance subsidiary with an opportunity to provide permanent insurance coverage on completed construction projects.
Comprehensive Coverage – Including Theft and Vandalism up to the limits purchased.
Convenience – The Lender may refer the Borrower to OMNI’s secure website to purchase coverage or the Lender may enter information into the OMNI system and provide the Proof of Insurance for loan closing.
Cost Effective – Insurance Premiums up to 25% less due to automated efficiency.
Converts – Permanent Homeowners coverage may be offered when residential projects are complete and ready to occupy.
Request Information
For additional information please contact a licensed representative of OMNI Builders Risk at
877-353-OMNI (877-353-6664)
or use our
Information Request Form
, or
download forms
.
