Delay In Completion Coverage

Real estate developers often have to juggle a lot of different factors when deciding to build on a property. Local code regulations regarding design, materials, and zoning, permits for clearing a site, hiring the contractor and the other personnel, buying materials, and a host of other project related concerns—and that’s before the structure has even been built. The multiplicity of variable factors that can be a project manager’s nightmare will often cause the project to either be over budget or behind schedule, or both.

Delay in completion coverage is insurance specifically to address these problems and cover budgetary shortfalls, within policy limits, due to contractual penalties incurred that may have caused the contractor to miss the timetable. This can include construction costs, equipment, licenses, fees, liability insurance and marketing expenses, as a result of the delays.