Construction Industry Continues to Build
In today’s society, it’s common to see several active construction sites as you drive down the street. The truth is the construction industry is booming, and research indicates that it will continue to grow rapidly in the next few years. According to Statista, new construction projects are expected to reach $1.4 trillion by 2021.
Many factors contribute to the rise in construction. The AIA Consensus Construction Forecast panel attributes this increase to:
- National disasters – repairs and rebuilding after hurricanes, wildfires and flooding can last several years, creating significant opportunities for the construction industry
- Tax reform – recent tax reform has reduced tax rates for businesses; studies indicate that these savings are being reinvested into the businesses, triggering new construction projects
- Aging infrastructure – more construction companies are being hired to repair and rehabilitate existing infrastructure
As more contractors enter the workforce, it’s imperative that they have the proper insurance coverage in place to protect themselves. Whether it’s to satisfy contractual obligations or peace of mind from a potential slip and fall claim, USLI and Devon Park Specialty can assist in providing solutions for their coverage needs.
We currently have the following construction product offerings:
Our product* offers comprehensive coverage for over 40 eligible classes of artisan and trade contractors. We can consider up to $750,000 in payroll and/or $1.5 million in receipts.
Our product** is specifically designed to accommodate the coverage and pricing needs of a wide variety of general contractors’ risks. We can consider up to $3 million in receipts.
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.
Construction and Premises Protective
Our product offers premises liability coverage and coverage for vicarious acts of the contractor to an owner or tenant hiring a general contractor to perform a major renovation or new construction work associated with either residential or commercial construction. We can consider up to $10 million in project costs.
Some of our construction product advantages include no liability deductible, blanket additional insured coverage, waiver of subrogation and primary/non-contributory wording. New ventures and risks with no prior liability coverage are eligible as well.
Contact your Devon Park Specialty Commercial Lines Underwriter for more details about our construction products.
As always, thank you for your support and business.
Contact Cheryl Ryan,
Executive Vice President, Division Leader | 844-438-6775 Ext. 2582
Written by Danielle Conner
December 6, 2018
*Not available in AK, CO, LA, NE or WV.
**Not available in AK, AZ, CA, CO, FL, HI, LA, NE, NV, TX, WA or WV. Eligible for excess coverage in FL.