SureBuild offers the extra protection a lender needs to have confidence in their construction lending practices. It is an easy, proactive solution that avoids the hassles and delays of bonds in the event of borrower default while offering policy limits of up to 100% of the construction contract amount.
Easy to Call On
Project Completion Insurance is far easier for a lender to call than a bond. If a lender needs to appoint a receiver to a failed project, then SureBuild℠ will fund cost overruns per the terms of the policy.
SureBuild℠ is designed to fund quickly, getting a troubled loan off the lender’s books promptly.
SureBuild℠ costs less than most surety bonds.
Lender is the Beneficiary
Unlike a bond where the beneficiary is the borrower, SureBuild℠ insures the lender as the policy’s direct beneficiary. Lenders no longer need to litigate or work through bankruptcy court, as may happen when calling a bond.
SureBuild℠ is bundled with a comprehensive construction risk management program. This prevents loss, which avoids litigation, and keeps subcontractors on the job in the event of a failure by the general contractor or borrower.
SureBuild℠ gives lenders the reassurance necessary to loan to borrowers who need a little extra boost in their credit profile as well as to those who do not qualify for surety bonds (ex: borrower is GC).
Saint Vincent, LLC is the managing general agent for SureBuild℠. SureBuild℠ is written on AM Best rated A (Excellent) XV, Lloyd’s of London paper so that construction lenders can sleep well at night!