Despite the current challenges within our economy, the construction sector has been a star performer, posting double-digit growth rates since the third quarter of 2020. According to GlobeNewswire, the U.S. construction industry is expected to grow by 15.6% by the end of 2021 and continue to grow in 2022.
Devon Park Specialty’s Builder’s Risk product is designed to provide well-rounded, comprehensive coverage for new ground-up construction of residential dwellings and commercial projects. We offer coverage for new construction projects with up to $5 million in project costs, and we can also consider up to $3 million in project costs when the insured is acting as the general contractor on the project. Coverage is provided on an inland marine form that covers building materials and supplies, fixtures and machinery and equipment to service the building.
Product Features
- Property in transit coverage available up to the maximum sublimit of $100,000
- Property off-premises coverage available up to the maximum sublimit of $100,000
- Soft costs coverage available up to the maximum sublimit of 20% of the policy limit
- Monoline general liability coverage available
For more information on our Builder’s Risk product, please contact your Commercial Lines underwriter. Send your submissions to [email protected].
We do not write this product in Alaska, Hawaii, Louisiana, Nebraska, Oklahoma and West Virginia.
