Trusted Partners in the Construction Industry
Vela excels at addressing the needs of a competitive marketplace by offering practice policies and project specific policies to meet the insurance needs of your client’s construction operations.
Contractors General Liability
Vela’s Construction team provides Commercial General Liability insurance solutions to general contractors and multitude of residential and commercial contracting trades. We are committed to providing our broker partners with:
- Flexible, competitive pricing
- A dedicated, construction focused, in-house claims unit, working hand in hand with our underwriting team.
- Responsiveness and transparency of terms
- Coverage offered on a primary and excess basis
- Dedicated and knowledgeable staff focused on industry-specific challenges
Vela’s Construction Insurance Solutions
Coverage Capabilities
- Qualifying size of risk- in excess of $2,000,000 receipts
- Contracting Business- Multi-state coverage except New York
- Primary Limits- $1,000,000/$2,000,000 or $2,000,000/$2,000,000 or $2,000,000/$4,000,000
- Excess Limits- up to $5,000,000
Project-Specific
Vela’s project-specific policy provides coverage for the owner of a project for a designated period of time during which the project owner or general contractor may be exposed to liability for additional risk. Our focus is on:
- Small to medium-sized projects with a maximum of $25,000,000-$35,000,000 construction costs
- New construction or remodel of residential or commercial structures
- Custom homes valued up to $5,000,000
- Policy terms up to three years
- Optional extended completed operations coverage
Industry Opportunities
Construction
- Commercial GC
- Homebuilders
- Residential Remodelers - GC
- Concrete/Foundations
- Electrical
- Heating or Air Conditioning
- Plastering/Stucco
- Grading
- Pools
- Excavation
- Framing
- Roofing
- Drywall
Project-Specific
- New single-family homes
- Residential home remodels
- New residential tract and/or townhomes with 25 units or fewer
- Warehouse buildings
- Storage buildings
- Office buildings
- Retail buildings
- Apartments
- Infrastructure-only projects
Be in the Know
You talked and we listened! Here are highlights of changes to two key coverages forms.
Earlier this year Vela made changes to the New Residential Construction Limitation endorsement based on feedback received from you – our valued business partners. Our new form “New Residential Construction Limitation VE 10 11 04 23” limits the amount of homes the insured can work on in a tract and not the total number of homes in the tract. The form also specifies that we will write Townhomes, up to a certain limit.
In response to broker feedback, we also made a change to the Extended Products Completed Operations endorsement VE 10 15 10 23. This endorsement provides language that addresses substantial completion of the project and clarifies when the extended products completed ops coverage becomes effective.
Contact your Vela underwriting team to discuss these updates!