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Legislative Year: 2024 Change

Bill Detail: HB24-1083

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Title Construction Professional Insurance Coverage Transparency
Status House Committee on Appropriations Lay Over Unamended - Amendment(s) Failed (05/14/2024)
Bill Subjects
  • Health Care & Health Insurance
  • Housing
  • Insurance
House Sponsors K. Brown (D)
J. Willford (D)
Senate Sponsors L. Cutter (D)
House Committee Business Affairs and Labor
Senate Committee
Date Introduced 01/10/2024

The bill requires the division of insurance (division) to conduct or
cause to be conducted a study of construction liability insurance for
construction professionals in Colorado. The study must identify the
  • All insurers offering construction liability policies in
Colorado (policies);
  • The rates charged by insurers for policies and the basis for
the rates, including data for the past 5 years, if available;
  • Risk factors, classifications, and coverage descriptions
insurers use to set policy rates;
  • A comparison of the policy rates insurers charge with rates
charged by other states in the region to cover similar
residential projects;
  • Policy coverage terms; and
  • Common limitations or exclusions from policy coverage.
The bill requires that, at least 14 days prior to closing the sale of
a new residence, the seller of the residence provide the purchaser and the
county clerk and recorder's office for the county where the new residence
is located with information regarding the insurance coverage for the
property subject to the sale, including:
  • Identification of each policy and the coverage provider that
may provide coverage for a construction professional's
work on the residence;
  • The amount of the policy limits for each policy identified;
  • The policy period for each policy identified, including
whether the policy provides coverage on a claims-made
basis or occurrence basis; and
  • Identification of relevant exclusions from coverage.

Committee Reports
with Amendments
Full Text
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Fiscal Notes Fiscal Notes (05/28/2024) (most recent)  
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