Seattle Washington Building Expert Directory

Millennials Want Houses, Just Like Everybody Else

September 17, 2014 — Peter Coy – Bloomberg
The proportion of homeownership among young adults has fallen from a third to a quarter over the past half-century. But the idea that today’s millennials are allergic to deeds and mortgages is a myth, says a report based on a survey of more than 1,000 Americans aged 18-29 by the Demand Institute, a nonprofit jointly operated by the Conference Board and Nielsen (NLSN). “Like most myths, there is some truth here—but only some,” says the report’s introduction. The true part is that millennials are financially squeezed because of “graduating into a weak job market with growing student loan debt,” Jeremy Burbank, a Demand Institute vice president, said in a statement. The false part, the report says, is that millennials don’t want to own their homes. Read the court decision
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Reprinted courtesy of Peter Coy, Bloomberg
Mr. Coy may be contacted at pcoy3@bloomberg.net

Effects of Amendment to Florida's Statute of Repose on the Products Completed Operations Hazard

November 06, 2018 — Richard W. Brown & Grace V. Hebbel - Saxe Doernberger & Vita, P.C.
Recent amendments to Florida’s Statute of Repose have resulted in concerns as to the scope of risk Florida homebuilders face as a result, and the availability of insurance coverage for such exposures. Previously, the statute provided for a strict, yet straightforward 10-year limitation for latent construction defect claims. Under that language, issues arose when suits were filed near expiration of the statute, because parties seeking to defend claims were given little time to effectively assert related claims. The amendment to the statute serves to lengthen the statute of repose to 11 years for certain cross-claims, compulsory counterclaims, and third-party claims, and in limited circumstances, potentially even longer. Most policies in the Florida marketplace serve to limit coverage under the products-completed operations hazard (“PCO”) to 10 years, and thus, in very limited circumstances, an insured contractor may be exposed to third-party claims under the revised statute. It is important to note, however, that coverage under most CGL policies is occurrence-based, meaning that the policy is triggered by property damage that occurs during the policy period, and therefore, any subsequent claims permitted under the amended statute will necessarily relate to the original property damage that occurred during the 10-year period, and thus, would be covered under the standard 10-year PCO extension. This paper will analyze the anticipated effect of the amendments upon coverage under a 10-year PCO extension. Reprinted courtesy of Richard W. Brown, Saxe Doernberger & Vita P.C. and Grace V. Hebbel, Saxe Doernberger & Vita P.C. Mr. Brown may be contacted at rwb@sdvlaw.com Ms. Hebbel may be contacted at gvh@sdvlaw.com Read the court decision
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Without Reservations: Fourth Circuit Affirms That Vague Reservation of Rights Waived Insurers’ Coverage Arguments

January 09, 2023 — Lara Degenhart Cassidy & Matthew J. Revis - Hunton Insurance Recovery Blog
The Fourth Circuit recently affirmed insurance coverage for a South Carolina policyholder based on the “axiomatic principle” that an insurer which fails to fully and fairly articulate its potential coverage defenses in a reservation of rights letter loses the right to contest coverage on those grounds. Stoneledge at Lake Keowee Owner’s Assoc. v. Cincinnati Ins. Co., No. 19-2009, 2022 WL 17592121 (4th Cir. 2022) (quoting Harleysville Group Insurance v. Heritage Communities, Inc., 803 S.E.2d 288 (S.C. 2017)). More particularly, in Stoneledge, the Fourth Circuit affirmed per curiam a South Carolina District Court’s grant of summary judgment in favor of a homeowners association that had successfully sued its general contractors for construction defects and was seeking to recover the damages owed from the contractors’ insurers. The Fourth Circuit agreed that the insurers’ vague reservation of rights letters failed to reserve the defenses on which the insurers purported to deny coverage. The question before the court in Stoneledge was whether the two insurers that had each agreed to defend their respective general-contractor insureds in the homeowner association’s underlying litigation had sufficiently informed their policyholders of their coverage positions. Specifically, the court considered whether the insurers provided notice of their intention to challenge coverage on specific bases and explained why those bases applied in their respective reservation of rights letters. Both of the insurers’ letters followed the typical approach of identifying various policy provisions and exclusions and outlining the general mechanics of those provisions, but they fell short of applying the provisions or exclusions to the facts in the case at hand. Further, the letters stated that the insurers would reevaluate how the provisions applied as the underlying case progressed. One of the insurer’s letters expressed doubt as to coverage but did not offer any analysis on the reasons for the prospective coverage denial. Reprinted courtesy of Lara Degenhart Cassidy, Hunton Andrews Kurth and Matthew J. Revis, Hunton Andrews Kurth Ms. Cassidy may be contacted at lcassidy@HuntonAK.com Mr. Revis may be contacted at mrevis@HuntonAK.com Read the court decision
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The International Codes Development Process is Changing to Continue Building Code Modernization

March 06, 2023 — The International Code Council
Washington D.C., March 02, 2023 (GLOBE NEWSWIRE) -- The International Code Council is revising its rigorous code development process. The changes will take effect in 2024-2026 for the development of the 2027 International Codes (I-Codes) and will move the development process to an integrated and continuous three-year cycle. In the new timeline, year one will include two Committee Action Hearings for Group A Codes; year two will include two Committee Action Hearings for Group B Codes; and year three will be the joint Public Comment Hearings and Online Governmental Consensus Vote for both Group A and B Codes. The addition of the second Committee Actions Hearings in year one and two will foster a more in-depth vetting of code change proposals, allowing an opportunity for the committee members to review and evaluate the original proposals and consider the submitted responses. This also provides more opportunity for proponents to build consensus for their code change proposal and ensure the best version of their intended improvement to the existing codes. Additionally, with combined Public Comment Hearings in the third year, voting members are able to vote on all suggested changes to the next edition of the I-Codes at one time. The updated process also provides more opportunity for proposed new referenced standards to be developed and finalized on a consistent timeline regardless of the group (Group A or B) with which they are associated. About the International Code Council The International Code Council is the leading global source of model codes and standards and building safety solutions. Code Council codes, standards and solutions are used to ensure safe, affordable and sustainable communities and buildings worldwide. Read the court decision
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City Covered From Lawsuits Filed After Hurricane-Damaged Dwellings Demolished

January 15, 2014 — Tred R. Eyerly - Insurance Law Hawaii
The Fifth Circuit affirmed the District Court's finding that a duty to defend was owed St. Bernard Parish after it was sued for condemning and demolishing housing destroyed by Hurricane Katrina. Lexington Ins. Co. v. St. Bernard Parish Gov't, 2013 U.S. App. LEXIS 24292 (5th Cir. Dec. 6, 2013). St. Bernard's policies with Lexington provided coverage for "property damage" and "personal and advertising injury." The policies included a $10,000,000 per occurrence and aggregate limit, subject to a $250,000 retained limit. Lexington denied coverage and filed for a declaratory judgment that the policies' $250,000 retained limit applied separately to each alleged demolition or property damage asserted in the underlying actions. Under this theory, no defense would be owed because no property had a value exceeding $250,000. The District Court found that only one retained limit applied. Read the court decision
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Reprinted courtesy of Tred R. Eyerly, Insurance Law Hawaii
Mr. Eyerly may be contacted at te@hawaiilawyer.com

Another Reminder that Your Construction Contract Language Matters

June 06, 2018 — Christopher G. Hill - Construction Law Musings
Here at Musings, I have often (some might say too often) discussed the fact that in Virginia (as well as other places), your construction contract language will be strictly enforced. I have also discussed the need for attorney fees provisions as well as other language in order to mitigate your risk as a contractor. A recent case from the City of Roanoke Circuit Court discussed both of these principals and their intersection. In LAM Enterprises, LLC v. Roofing Solutions, Inc., the Roanoke Court looked at a contract between LAM and Roofing Solutions, Inc. that contained two provisions of the construction contract between the parties. The first provision limited the liability of Roofing Solutions to the contract price. The second provision is a relatively typical “prevailing party” attorney fees provision in which the winner of any lawsuit would be entitled to collect its attorney fees. For the specific language of these provisions, I commend the opinion linked above for your reading. Read the court decision
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Reprinted courtesy of Christopher G. Hill, The Law Office of Christopher G. Hill
Mr. Hill may be contacted at chrisghill@constructionlawva.com

ICE Said to Seek Mortgage Role Through Talks With Data Service

August 06, 2014 — Matthew Leising, Jesse Hamilton and Jody Shenn – Bloomberg
Intercontinental Exchange Inc. (ICE), best known for energy trading and its control of the New York Stock Exchange, is engaged in negotiations that would give it a foothold in the $9.4 trillion U.S. mortgage market. ICE is in early stage talks to form a partnership with Mortgage Electronic Registration Systems Inc., which documents the ownership and resale of about half of U.S. home loans, according to a person familiar with the matter, who asked to not be identified because the discussions are private. The Atlanta-based exchange owner has been gauging demand for derivatives that enable investors to bet on defaults by U.S. homeowners, Bloomberg News reported in May. ICE, which earns most of its revenue by owning one of the world’s largest derivatives markets, has recently expanded into new businesses such as equity trading with its 2013 purchase of NYSE Euronext and the administration of interest-rate benchmarks. Mr. Leising may be contacted at mleising@bloomberg.net; Mr. Hamilton may be contacted at jhamilton33@bloomberg.net; Ms. Shenn may be contacted at jshenn@bloomberg.net Read the court decision
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Reprinted courtesy of Matthew Leising, Jesse Hamilton and Jody Shenn, Bloomberg

Does the Russia Ukraine War Lead to a Consideration in Your Construction Contracts?

April 04, 2022 — David Adelstein - Florida Construction Legal Updates
Material costs are still affecting the construction industry. Supply chain impacts too. The volatility started with COVID-19 (and, in certain cases, before with the imposition of tariffs) and has continued through present date. But what about the war between Russia and Ukraine and the impact this has had or may have on the supply chain? I think the spillover from the war (with oil, gas, the energy sector, etc.), including the imposition of any sanctions, is not fully realized other than the concern exists in an economy that is already battling through material costs and supply chain disruptions. How does this affect you? It may not. Or you may regularly enter into construction contracts in which you would be smart to address material costs and supply chain impacts. The reason being is that everything from a risk standpoint should begin with your construction contract. Not addressing an issue does not actually mitigate the risk. Confronting the issue does mitigate the risk because you are contractually addressing a concern and know where the other party stands relating to that concern so that business decisions can be made. Read the court decision
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Reprinted courtesy of David Adelstein, Kirwin Norris, P.A.
Mr. Adelstein may be contacted at dma@kirwinnorris.com

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