Project Completion Insurance
A modern tool in construction risk management
Do you fit in one of these categories?
Retail agent with a consolidation of construction business
Retail agent with a surety practice
Retail agent with a client who is unable to be bonded (bonding capacity reached, weak balance sheet, etc.)
Jencap has the solution for you!
Our Project Completion Insurance (PCI) is an innovative product that does not exist anywhere else in the marketplace.
Project Completion Insurance (PCI) is a solution for lenders, developers, and GCs who are looking for an alternative to a bond that is competitively priced.
Multifamily buildings and buildings in the renewable space are trending in the marketplace. These are the types of projects that are ideal for Project Completion Insurance (PCI) coverage.
We take a look at the financials, the project, the budget, the timeline, and any other information that is required by the lender to secure a quote for our Project Completion Insurance (PCI) product.
Jencap’s PCI Benefits Include:
- Lender is beneficiary
- Borrower is the First Named Insured
- No collateral required (versus collateral needed for a bond)
- Priced more competitively than a bond
- Easy and fast quoting process
- A15 rated carrier per AM Best
Drivers for PCI Coverage:
- Lack of developer experience
- Developer project scope is larger than usual
- New project type for developer
- Credit concerns
- Cash flow concerns
- Enticement for lender participation
- Change in capital stack
- Complex capital stacks
Target Construction Project Types:
- Office and Retail
- Renewables (Solar, Renewable Natural Gas, etc.)
Triggering Event: Borrower failure, lender takes over the project through foreclosure. PCI is triggered in a timely manner keeping the project as close to the original timeline as possible (versus typical delays when dealing with Surety).
State eligibility based on where project resides, not where agent resides.
Get the Jencap Project Completion Insurance Flyer today.
Request a Quote
Please note that coverage is subject to additional underwriting; including third party appraisal, borrower financial analysis, favorable DCR & CE, and additional construction due diligence services.
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