This year has brought unforeseeable challenges to many business owners, but experts predict that the construction industry could emerge from the pandemic even stronger than before. According to Associated Builders and Contractors, the construction industry recently added 464,000 new jobs in one month, marking the largest monthly increase in construction jobs since the 1930s.
Devon Park Specialty offers comprehensive coverage solutions for your insureds’ construction project needs! Whether they are renovating an existing structure or building ground-up, our standout products offer the coverage owners need for “peace of mind.”
Construction and Premises Protective
Our product provides both premises liability coverage, as well as coverage for the vicarious acts of the contractor. Residential or commercial construction is eligible, and we can even consider accounts with structural renovations. For your insureds who will be renovating space or building a new home or place of business, our product is priced competitively. We can consider up to $10 million in project costs.
Owner Acting as General Contractor
Our product is designed to cover the interest of an owner who chooses to act as a general contractor in the construction, renovation or conversion of a structure. This product is perfect for individuals who seek to manage and control their own project. We can consider up to $5 million in project costs.
Builder’s Risk
Our product offers comprehensive coverage for ground-up construction of individual dwellings and commercial projects on a monoline property basis. Our product features “all risk” coverage, including theft, and “soft costs” coverage, including real estate/property taxes, insurance expenses, survey costs and storage costs. We can consider up to $10 million total insurable value.
For more information about our Contractors and Premises Protective, Owner Acting as General Contractor and Builder’s Risk products, please contact your Commercial Lines Underwriter, or send your submissions to [email protected].
Please note: Exclusions apply based on the location’s construction type and coastal proximity, and these products are not available in NE, LA or WV.
