Variance Record

Documented alternatives — not a coverage opinion

A documented request gets answered. Silence or a vague certificate gets escalated at the worst possible moment.

Named storm 5% on construction vs 2% quoted permanent

Permanent lender

Open

Why it cannot be met as written: Construction form uses 5% NS. Permanent quote is 2%.
Proposed alternative: Bind permanent at conversion on the quoted 2%. Do not rewrite builder’s risk.
Residual exposure: A named-storm loss before conversion sits on 5%.
Approval authority: Sponsor / GP

Investor / syndicator

Open

Why it cannot be met as written: Exhibit C-7 requires endorsement.
Proposed alternative: Issue CG 20 26 + waiver + PNC.
Residual exposure: Certificate-only is not the grant the investor underwrote.
Approval authority: Sponsor counsel