The past few years have brought about many challenges for the construction industry, including supply chain issues and rising material costs. Despite these challenges, the construction industry has continued to see growth, and many experts believe it will emerge even stronger than before. According to a report from the American Institute of Architects, construction spending is projected to increase 9% by the end of 2022 and an additional 6% in 2023.
As the construction industry grows, business owners need to have the proper coverage in place. Devon Park Specialty offers comprehensive coverage solutions for your insureds’ construction project needs. Whether your clients are renovating an existing structure or building from the ground up, our products* can assist in protecting their projects.
Product Features
- Ground-up construction and renovations to existing structure are eligible
- Premises liability coverage and coverage for the vicarious acts of the contractor
- Property owners who chose to act as a general contractor in the construction, renovation or conversion of a structure are eligible
- Residential or commercial projects are eligible
- Structural renovations can be considered
- Liability coverage is available for risks with up to $5 million in project costs
- Property coverage** is available for projects up to $5 million in total insured value
For more information about these products, please contact your Commercial Lines underwriter. To obtain a quote, send your submissions to [email protected].
*These products are unavailable in Louisiana, Nebraska and West Virginia.
**Property eligibility is subject to coastal guidelines.
