HI HB808

Requires contractors on construction projects exceeding $25,000 to obtain insurance covering at least 50% of the project's construction costs to cover curing of construction defects discovered within 10 years after contract completion.

Adds insurance requirement as a third option alongside performance bonds, payment bonds, or combined performance and payment bonds for government construction contracts.

Exempts normal wear and tear from insurance coverage requirements for construction defects.

Authorizes the State to sue contractors within 10 years after contract completion for costs of curing construction defects discovered during that period.

Allows the policy board to adopt rules authorizing purchasing agency heads to reduce the amount of bonds and insurance required.