Who is InsurancePoliciesOnline.com?
InsurancePoliciesOnline.com is an independent insurance agent. We operate as
a unit of the Charles L. Crane Agency from St. Louis, MO. Crane has been in
business as a traditional commercial insurance broker since 1885 and has
grown to be among the top 100 largest independent insurance brokers in the
country. As a broker, we are able to represent a wide variety of different
insurance companies. All insurance policies are issued through the Crane
Agency.Why should I choose
InsurancePoliciesOnline.com as my online agent?
InsurancePoliciesOnline.com has several advantages over other online
insurance sources. IndyMac Bank has selected InsurancePoliciesOnline
as a preferred provider for their clients to obtain the required insurance. First, we are part of a established insurance
agency that has been in business for over 120 years. We have a
considerable amount of experience. Second, we will be your agent.
Many online insurance sites simply refer you to another agent. You
don't get to choose who you are dealing with. You will be dealing
directly with us and will have our services available to you. Finally,
InsurancePoliciesOnline.com system is designed for the IndyMac Bank owner-builder. If
you are using the internet to find insurance, shouldn't you be able to buy
it online? We understand the owner-builder and their insurance needs. We've automated the quote to purchase system to provide you
with detailed coverage information and an efficient system to select and
purchase the coverage you need. There will always be a licensed
insurance professional behind the system to provide you with help when you
need it.
What coverage does IndyMac
Bank require?
IndyMac Bank requires an owner-builder to purchase builders risk and personal liability
insurance. These two policies will provide the core protection for you
and your project. In addition, if you are not using a site supervisor,
general contractor or home builder proof of worker's compensation insurance or a
waiver as permitted by your state should be provided.
What is Builder’s Risk Insurance?
Builder’s risk insurance is a property policy providing coverage for a
structure during the course of construction. (It is also referred to as
Course of Construction Insurance.) The policy will cover the structure and
materials at the job site. Coverage is provided for damage caused by fire,
theft, lighting and other causes. For additional detail, please see the
summary of coverage and sample policy.
What is Personal Liability Insurance?
Personal liability insurance is coverage for your liability exposure as the
owner of the lot where the home is being built. This provides coverage
for bodily injury or property damage to a third party that arises from your
property. Personal liability does NOT provide any worker's
compensation coverage and is not intended to cover construction activities.
The contractors performing the actual work should have their own commercial
general liability and worker's compensation insurance. IndyMac Bank
requires a minimum limit of $300,000. For additional
detail, please see the summary of coverage and sample policy.
What insurance should a
sub-contractor have?
EVERY subcontractor and supplier who will be at the job site should provide
general liability and worker’s compensation insurance. For more
information on this subject, please read the sub-contractor insurance
article.
How do I select the limit of
coverage?
The limit of coverage must be equal to 100% of the completed value. This
should include all labor and materials that make up the project. Land value
should NOT be included in the coverage limit. The best source for the limit is
your own construction budget. You should ask your IndyMac loan officer
if there is a limit of insurance they will require you to purchase.
How do I get a quote?
The fastest way to get an accurate quote is to use our online quote request
system. This will step you through the information required to process your
quote. Simply choose your type of property to begin the quote process. Most
quotes are returned within two business days. Since you will need this
coverage to close your loan with IndyMac, we suggest that you start the
quote process at least 5 days in advance of your closing date. You may
get a quote as much as 30 days in advance of the closing.
How do I purchase coverage?
When your quote is ready, an email notice will be sent to you. You may
view the detailed proposal online. Simply choose the coverage from the online proposal, and
then continue through the purchase process. You may pay the premium online
with a credit card or print an invoice to mail in a check.
IndyMac requires proof of
insurance to close my loan. Can you provide this?
Yes. When you complete your purchase online, we will automatically send official proof of insurance to
IndyMac on your behalf. When you set up your account, you may select
your loan processor and we will also give them direct notice when you obtain
coverage.
Can the policy be renewed if my
project doesn’t finish on time?
The typical builder’s risk policy provides coverage for up to one year. If
your project will take longer than the original policy term, we can provide
you with a renewal policy.
What insurance do I need when
the project is completed?
Builder’s risk insurance is intended for projects under construction only.
Once the building is completed or occupied, a permanent insurance policy
should be written to cover the building properly. You will need a
homeowners policy when your project is completed. We will be happy to
provide you with a quote for this coverage.
Will the builder’s risk policy
convert into a homeowners policy?
No. The builder’s risk policy is specifically for covering the home as it is
built. As soon as it is completed or occupied, a regular homeowners policy
should be purchased. We can provide a homeowners policy for you.
Who will service my account?
InsurancePoliciesOnline.com will service your insurance account. A licensed
insurance professional will be available to assist you with the quote,
payment and policy issuance. We do not pass off quote requests to other
agents. We will issue and service your policy directly.
How do I turn in a claim?
Most claims are turned in directly to the insurance company. The claim
reporting phone number is included with your policy. If you cannot find the
number, you may always call or email our office for assistance.
What happens with my personal information?
InsurancePoliciesOnline.com complies with relevant privacy laws. None of
your information is shared with any third party without your specific
permission. We do not sell client information. When you set up your
account, if you choose to allow your IndyMac loan officer to view your
information, they will have limited access to your data. We will show them
the limit of coverage, status of your policy and relevant policy information
they need to close your loan. This is only done if you specifically give
them permission to view your account.
Is the application and payment system secure?
The application and payment systems are secure. All data is kept in secure
databases and personal information is transmitted with 128-bit Secure Socket
Layer encryption. The payment processing system uses a Verisign program.
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