Builder's risk policy

[Paul Block]

Forgive me if I already sent this note, but I don't remember if i did or not.  Our elevator modernization contract with TKE (assuming it happens), along with our own protection, will require that we get something called a Builder's Risk Policy.   That's insurance to cover any problems during modernization that we bear responsibility for.  First cost estimate from ABI is around $10,000.  Once the contracts are submitted to the underwriter, the cost will become exact.

-paul

[Tim Ackley]

Regarding funding and accounting, this insurance is solely for the project so it is funded by, and should be charged to, reserves. It is funded and within the project budget.

Thanks, Paul!

Tim

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Tim Ackley

2335 NW Raleigh Street Unit 139

Portland, Oregon 97210

 

Cell: 480-694-7059

Email: tim.ack...@gmail.com

On Wed, Jun 3, 2026 at 8:26 AM Paul Block <bloc...@gmail.com> wrote:

Forgive me if I already sent this note, but I don't remember if i did or not.  Our elevator modernization contract with TKE (assuming it happens), along with our own protection, will require that we get something called a Builder's Risk Policy.   That's insurance to cover any problems during modernization that we bear responsibility for.  First cost estimate from ABI is around $10,000.  Once the contracts are submitted to the underwriter, the cost will become exact.

-paul

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[Joe Mack]

Per earlier discussions, anything related to the project comes from the reserve, right? We should be good to go on all this insurance stuff. 

Do we have status on contract? I think Paul was going to get a clean copy given latest response from TKE and Hal was gonna review that with Jason and get his input or, hopefully, buyoff.. Hal, probably a good idea to have Diana or Paul in there with you

Joe

On Wed, Jun 3, 2026 at 8:26 AM Paul Block <bloc...@gmail.com> wrote:

Forgive me if I already sent this note, but I don't remember if i did or not.  Our elevator modernization contract with TKE (assuming it happens), along with our own protection, will require that we get something called a Builder's Risk Policy.   That's insurance to cover any problems during modernization that we bear responsibility for.  First cost estimate from ABI is around $10,000.  Once the contracts are submitted to the underwriter, the cost will become exact.

-paul

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