By Tim Maudsley
The construction industry is much more complex than drywall here, hammer there, paint this. It’s a complicated equation of materials, time, and funding. That’s why construction insurance is equally complex.
Few people are familiar with “delay in start-up,” which, in its simplest interpretation, is a time element construction coverage to insure against potential loss of earning following a delay. Delay in start-up coverage for the construction market is one that is essentially needed yet widely confused by insurers and risk managers alike. With employment growth and improved construction spending, understanding nuanced options like delay in startup becomes increasingly more important. I would highly suggest reading this article from Insurance Journal explaining how, without this coverage, contractors risk being exposed to cash flow challenges that could otherwise be insured.