Fairfield Connecticut Building Expert Directory

Napa Quake, Flooding Cost $4 Billion in U.S. in August

September 10, 2014 — Noah Buhayar - Bloomberg
An earthquake that struck the California wine country north of San Francisco and flooding in the U.S. last month caused more than $4 billion in economic losses, according insurance broker Aon Plc. (AON) A 6.0-magnitude temblor shook the city of Napa on Aug. 24, damaging more than 1,100 buildings, injuring at least 258 people and causing about $2 billion in economic damages, the London-based broker said today in a report. Insured losses are expected to be in the hundreds of millions of dollars, because of the below-average extent of coverage, Aon said. “Residential earthquake insurance penetration rates have gradually lowered in California during the past two decades from 33 percent in 1996 to roughly 10 percent today,” Steve Bowen, associate director and meteorologist for Aon Benfield Impact Forecasting, said in a statement. The Napa quake “serves as a reminder of the unpredictability and costly impacts.” Read the court decision
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Reprinted courtesy of Noah Buhayar, Bloomberg
Mr. Buhayar may be contacted at nbuhayar@bloomberg.net

Understanding Indiana’s New Home Construction Warranty Act

April 30, 2014 — Beverley BevenFlorez-CDJ STAFF
Marisa L. Saber on the Subrogation & Recovery Law Blog, discussed Indiana’s New Home Construction Warranty Act, and how it can benefit both builders and plaintiffs in construction defect cases. Saber stated that the “Indiana New Home Construction Warranty Act (the “Act”) (see Indiana Code §32-27-2-1 et. seq.) allows a builder to provide specific warranties and disclaim all implied warranties if the text of the statute is followed.” Furthermore, the warranties must be backed by an insurance policy. Saber answers the question as to why a builder would choose to provide express warranties: “The likely answer is that it allows the builder to have control over its liability if a construction defect occurs.” For instance, “[i]f a builder provides express warranties via the Act, it is assured that any warranty liability will be covered by insurance.” This benefits a plaintiff working in a subrogation case, “as there will be guaranteed insurance for the construction defect if the builder complies with the Act.” Read the court decision
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Building on New Risks: Construction in the Age of Greening

February 20, 2023 — Blanca Berruguete - Construction Executive
Fire and explosions remain the No. 1 cause of construction and engineering insurance claims, accounting for 27% of the value of insurance claims over the last five years, according to industry claims data analysis conducted by global commercial insurer AGCS. Natural catastrophes, such as hurricanes or floods, account for almost a fifth of claims by value (19%), followed by defective products (10%). Faulty workmanship or maintenance (8%) and machinery breakdown (7%) round out the top five causes of construction and engineering losses, according to the value of claims. The Risks and Benefits of Greening The analysis was conducted on 22,705 insurance claims made worldwide between January 2017 and December 2021. The claims were worth approximately $13.9 billion in value and include the share of other insurers as well as AGCS. But if there is an impression that the risks remain in stasis, that is not the case. Reprinted courtesy of Blanca Berruguete, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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Blackstone to Buy Apartments From Greystar in $2 Billion Deal

December 10, 2015 — Sarah Mulholland – Bloomberg
Blackstone Group LP agreed to buy 32 multifamily properties for about $2 billion from Greystar Real Estate Partners LLC as the private equity giant expands its push into the U.S. apartment market. The buildings, with a total of 10,399 units, are spread throughout the country in states such as California, Florida, Washington and New York, Greystar said in a statement Tuesday. The Charleston, South Carolina-based company, the largest U.S. apartment manager, will continue to oversee the properties. Peter Rose, a Blackstone spokesman, declined to comment on the transaction. Read the court decision
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Reprinted courtesy of Sarah Mulholland, Bloomberg

Last Parcel of Rancho del Oro Masterplan Purchased by Cornerstone Communties

August 06, 2014 — Beverley BevenFlorez-CDJ STAFF
According to San Diego Source, “A partnership controlled by Ure Kretowicz's Cornerstone Communities has paid a reported $25 million for a 28-acre residential parcel located on the northwest corner of College Avenue and Old Grove Road in the Rancho del Oro masterplan in Oceanside,” California. Cornerstone plans to create a “338-unit luxury apartment development,” with amenities including “resort-level clubhouse with an Olympic size swimming pool, spa, barbecue area, conferencing center” and more. Read the court decision
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U.K. Broadens Crackdown on Archaic Property Leasehold System

October 23, 2018 — Sree Vidya Bhaktavatsalam - Bloomberg
The U.K. government is cracking down on what it called “unfair” leasehold practices as part of sweeping reforms to its housing system, in a move that would modernize the property market to bring it more in line with nations such as the U.S. Initially prompted by a malpractice scandal, the proposed scope of the focus by the Ministry of Housing, Communities & Local Government has become far broader. A consultation will seek views not only on the practice of charging buyers an annual fee for owning leasehold properties -- known as ground rents -- it will review the whole process of buying, selling and property management of leasehold homes. Read the court decision
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Reprinted courtesy of Sree Vidya Bhaktavatsalam, Bloomberg

BIOHM Seeks to Turn Plastic Waste into Insulation Material with Mushrooms

July 27, 2020 — Aarni Heiskanen - AEC Business
BIOHM is a research and development led UK start-up that aims to revolutionize the construction industry with its bio-based materials. Among their products are insulation panels made from mycelium, the root formations of fungi. Recently, the company discovered that certain fungal species can consume plastic as a food source. This invention could bring about new construction materials that originate from plastic waste. “Evolving from eating leaf matter and the odd bit of tree bark, to eating plastic might seem like a huge jump, but for certain fungi, it can actually happen very quickly. The inhabitants of the microbial world are far more genetically flexible than humans, able to evolve and adapt to their environment within a generation, constantly modifying and improving upon their genome to maximize their productivity,” says Samantha G.R. Jenkins, Lead Biotechnology Engineer. Read the court decision
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Reprinted courtesy of Aarni Heiskanen, AEC Business
Mr. Heiskanen may be contacted at aec-business@aepartners.fi

Beware of Personal-Liability Clauses – Even When Signing in Your Representative Capacity

January 31, 2018 — David R. Cook Jr. – Autry, Hall & Cook, LLP
When a contract is drafted by a party, the other party expects some level of one-sidedness in favor of the drafter. But there are times when a contract goes too far. There are certain provisions that most persons in the construction industry would find unacceptable, unfair, and beyond the pale – even for a one-sided contract. Such a provision was arguably found in an electrical subcontract at issue in a 2014 opinion by a three-judge panel of the Georgia Court of Appeals. Unfortunately, due to long-standing Georgia law, the panel was forced to apply the provision as written. In the case, a contractor hired a subcontractor to perform the electrical scope of work. When the subcontractor failed to pay a sub-subcontractor, the sub-subcontractor filed suit against the subcontractor, contractor, and the payment-bond surety. The contractor asserted a claim of indemnity against the subcontractor based on the sub-subcontractor’s claim. Read the court decision
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Reprinted courtesy of David R. Cook Jr., Autry, Hall & Cook, LLP
Mr. Cook may be contacted at cook@ahclaw.com

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