Wheaton, Ill., April 7, 2010--A new endorsement for insuring loss of historic preservation tax credits has been introduced, along with a corresponding schedule, in the Builders' Risk section of the AAIS Inland Marine Guide.
AAIS is a national advisory organization that develops standardized policy forms and rating information used by more than 600 property/casualty insurers throughout the U.S. The Inland Marine Guide is a leading industry resource of forms, rating procedures, underwriting guidelines, and other information for the traditionally nonfiled classes of inland marine insurance.
The new builders' risk endorsement covers the cost, up to specified limits, incurred by an insured when tax benefits for the preservation of historic properties are reduced or lost entirely due to a loss covered under a policy based on the AAIS Builders' Risk Rehabilitation and Renovation form.
The endorsement provides two coverages:
The "Delay in Receiving Tax Credit" coverage pays for a loss arising from a postponement or interruption in an insured's ability to claim a federal, state, or local tax credit for preserving a historic property.
The "Loss of Tax Credit" coverage pays for a loss arising from a reduction or complete loss of a federal, state, or local tax credit for preserving a historic property.
For information on affiliating with AAIS for use of the Inland Marine Guide, contact Rick Maka, director of marketing, at our contact form , or by calling 800-564-AAIS, ext. 222.