Name Insured

            All policies providing Property/Crime/Liability and Equipment coverage

must indicate the New Jersey Housing and Mortgage Finance Agency as additional insured and mortgagee.

            Mortgage Clause    (Standard Form)

                        All Property Insurance Policies must indicate the mortgagee as:

                        New Jersey Housing & Mortgage Finance Agency

                        637 South Clinton Avenue                                       

                        PO Box 18550                                                            

                        Trenton, New Jersey  08650-2085                           

            Insurance Company

                        Issuing Insurer must be currently eligible to write business in the State of

                        New Jersey and have a current A.M. Best Rating of A- VII or better with

                        acceptable reinsurance.

            Insurance

Agent

Must provide a written statement to the development that the policy

being provided meets or exceeds the HMFA minimum insurance require-

ments; a Certificate of Insurance showing the agent’s Errors and

Omissions coverage is to be included showing unimpaired Limits of

at least $5,000,000 and a deductible not exceeding $50,000.  A deductible

above $50,000 may be permitted provided:

                                    -Evidence from the insurer that a lower deductible was not

                                      offered or,

                                    -Evidence from Agent of financial wherewithal to fund a

                                      retention greater than $50,000

            Cancellation/Non-Renewal

                        A thirty (30) day notice, except for non-payment of premiums, via

                        Certified Mail is required

MINIMUM INSURANCE REQUIREMENTS:

            Property

                        Real/Personal/Rental Values including but not limited to:

                        Walls, retaining walls, fences, outdoor light poles, smokestacks,

                        swimming pools, playground equipment, water towers, exterior

                        poles, car ports, signs, fuel oil, tennis courts (including their

                        paved surfaces), basketball courts (including their paved surfaces),

                        radio and television antennas (including their lead-in wiring,

                        masts or towers), and satellite dishes.

            Limits

                        Real and Personal Property: Blanket Replacement Cost – Agreed

                        Value.

                        Rental Value:  An amount equal to 100% of anticipated rental

                        income for one (1) year full occupancy – with no Coinsurance

                        Penalty.

            Coverage

Comprehensive “All Risk” or “Special” + Flood, & Earthquake

Building Ordinance.  Joint Loss Agreement.  Coverage should be on an  Insurance Services Office (ISO) Building and Personal Property Coverage form with Cause of Loss,  Special Coverage to establish a standard of coverage.   National Flood Insurance (NFIP) is required for all Properties located in flood zones A, V and shaded X with the Maximum available limit of $500,000 for each building.  The Property Policy must provide flood limits immediately Excess of NFIP Policy Limits up to the insurable value at each Location up to a maximum $10,000,000 if available. 

A Joint Loss Agreement is necessary if Property and Boiler and Machinery insurers are different.

Deductible

Deductible amount is not to exceed $10,000 combined per loss.

Rent deductible should not exceed 72 hours.

COMMERCIAL GENERAL LIABILITY-OCCURRENCE COVER:

            General Liability

            $2,000,000 – General Aggregate Limit – other than Products/

                                   Complete Operations

            $1,000,000 – Products/Completed Operations Aggregate

            $1,000,000 – Personal Advertising Injury Limit

            $1,000,000 – Each Occurrence

            $     10,000 – Medical Expense Limit – Any One Person/

                                  Accident/Aggregate

            Coverages – To include:

$1,000,000 - Automobile Non-Ownership & Hired Car Liability if no separate auto policy is in place.

            $1,000,000 - Employee Benefits Liability (Each Claim Made with $1,000          

                      maximum deductible)

$1,000,000 - Employee Benefits Liability, Annual Aggregate

                                  Directors & Officers Liability (Where Applicable)

                                  Volunteers As Insureds

                                  Medical Payments $5,000

                                  Knowledge & Notice of Occurrences

                                  Unintentional Errors & Omissions

                                  Exception to the Pollution Exclusion for hostile fires and

                                  building heating equipment

            Fidelity

                        Limits (Maximum deductible $5,000)

                                    $  500,000  Employee Dishonesty per loss

                                    $      3,000  Money and Securities – Inside Premises

                                    $      3,000  Money and Securities – Outside Premises

                                    $  100,000  Forgery or Alteration

                                    including part time & temporary employees, Directors and/or

                                    Trustees, whether compensated or not, unemployed spouses,

                                    and Managing Agents;

Umbrella Liability

                        Limits

Excess of Primary:

$10,000,000 for projects financed on or after February 2005 or

$20,000,000 for projects financed prior to February 2005

$1,000,000/$2,000,000

Schedule of Underlying Coverage to list

-General Liability

-Hired and Non-owned Automobile Liability

-Employers Liability

Boiler & Machinery

                        Limits

                                    Full Replacement Cost – Direct Damage

                                    Actual Loss Sustained – Combined Business Interruption/Extra

                                    Expense – 100% of anticipated Rental

                                    Income for one year full occupancy

                        Coverage

                                    Comprehensive – Boilers/Fired & Unfired Pressure Vessels/Air

                                    Conditioning/Electrical Apparatus

                        Valuation

                                    Repair or Replace (New for Old)

                        Minimum Sublimits:

                                    $100,000 – Ammonia Contamination

                                    $100,000 – Water Damage

                                    $100,000 – Hazardous Substances

                                    $100,000 – Expediting Expenses

                        Deductibles

                                    Maximum of:

                                                $10,000      Direct Damage

                                                72 Hours     Indirect Loss

                        Workers’ Compensation

Employers Liability - $100,000 Bodily Injury Each Accident

                                                             $100,000 Disease Policy Limit

                                                             $100,000 Disease Each Employee

                        Optional Coverages

                                    Tenant Discrimination

                                    Mold

                                    Terrorism