Growth in the construction industry is projected to continue to rise as we head into 2024. According to Deloitte’s Research Center for Energy and Industrials, “As of the third quarter of 2023, nominal construction spending maintained a steady upward path.”
Devon Park Specialty is having success writing renovation projects for commercial and residential projects up to $5 million in total project costs. Our Construction and Premises Protective product propels us to be a go-to option for building and home owners as their properties undergo renovations.
Eligible Risks:
- Total construction costs and property values up to $5 million when the owner hires a general contractor (where available)
- Total construction costs and property values up to $5 million when the owner is acting as the general contractor
- New construction or renovation of existing structures
Ineligible Risks:
- Projects that have already started and/or are midway through construction
- Addition of stories to an existing structure
- Underpinning or shoring of adjacent buildings or structures
- Liability coverage for exterior operations over four stories or more than fifty feet from grade level
Product Advantages:
- Ability to package property coverage with the general liability for existing buildings under renovation
- Builder’s risk coverage available as a separate policy for ground-up construction projects
- Policy terms of 3, 6, 9 or 12 months available
- Liability coverage limits up to $2 million/$4 million
- No liability deductibles
Devon Park Specialty also offers the following services through our Business Resource Center:
- Background checks
- Payroll services
- Free human resource services
- Marketing resources
Liability coverage not available in: AK, LA, NE and WV.
Property coverage not available in: AK, HI, LA, NE, OK and WV.
For more information about our Construction and Premises Protective product, please contact your Commercial Lines Underwriter or send your submissions to [email protected].
