Deposit Protection Insurance ("DPI") is one of many Travelers Guarantee Company of Canada's new home surety products specifically designed to benefit our Member Builders of new homes in British Columbia.
The Real Estate Development Market Act that became law on January 1, 2005, provides for deposit insurance that would permit builders and developers in British Columbia to use deposit monies as a source of project financing. The Act provides that upon entering into a Deposit Protection Contract a developer may request that the deposit be released from the lawyer's trust account and use that deposit for purposes related to the development of the property, including its construction and marketing.
Benefits of DPI to Member Builders:
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DPI permits an alternate source of funding to be used and does not tie up valuable credit lines or cash resources
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The cost of a DPI facility may be significantly less expensive than the costs of secondary or mezzanine financing
Travelers Guarantee Company of Canada adds value to your project. Our staff are the most knowledgeable and experienced in the warranty business offering you underwriting expertise, advice and a wide range of new home surety products.
Travelers Guarantee would be pleased to provide you with more information on the benefits of DPI. For more information please contact Taina Phelan.
