FAIRFIELD CONNECTICUT BUILDING EXPERT
DIRECTORY AND CAPABILITIES

Goldman Veteran Said to Buy Mortgages After Big Short

February 05, 2015 — Heather Perlberg – Bloomberg
(Bloomberg) -- Dan Sparks helped Goldman Sachs Group Inc. profit from its bets against subprime mortgages. Now he’s expanding credit to Americans hurt when those types of loans soured and the housing market collapsed. Sparks’s SG Capital Partners this year began buying home loans made through origination partners across the U.S., with a focus on mortgages without government backing, said two people with knowledge of the business who asked not to be identified because the information is private. Mortgages that don’t qualify for purchase by government agencies include large-balance jumbo loans and those to borrowers with lower credit scores or higher debt. Read the court decision
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Reprinted courtesy of Heather Perlberg, Bloomberg
Ms. Perlberg may be contacted at hperlberg@bloomberg.net

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House of Digital Twins

March 08, 2021 — Cristina Savian - AEC Business
As a vocal and passionate advocate for the adoption of Digital Twins for our built assets, I keep finding myself standing in, what feels like, the middle of a house of cards, observing its always rocky structure in constant danger of collapse. A wobbly system threatened by the tremors stressed by one of the most prominent digital revolutions that our construction industry has ever experienced. DIGITAL TWINS FOR OUR BUILT ASSET. This booming industry trend is gaining speed at a rate that the construction industry has never experienced before. Construction has always been slow at innovating and still holds its title as the least digitalised industry, but the Digital Twin revolution has now found our location and is ready to disrupt. I often witness how these forces attempt to pull down the cards, but, to my surprise, their resilience is what keeps holding the house together. Hold on, is this resilience or resistance? Read the court decision
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Reprinted courtesy of Cristina Savian, AEC Business

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Can Your Industry Benefit From Metaverse Technology?

November 06, 2023 — The Hartford Staff - The Hartford Insights
As the metaverse evolves, we know there are inherent risks for businesses. But what industries can we expect to be impacted and what are the potential upsides and opportunities? “We are observing how different industries are incorporating this technology to better their business strategy. For example, companies are utilizing augmented reality to assess the risk for large catastrophes, like wildfires. This technology could help prevent major disastrous events if integrated properly,” said Michael Kearney, vice president of emerging technologies and innovation at The Hartford. As virtual and augmented reality technologies become more popular, there is an uptick in demand across industries to mitigate risk, increase company efficiency and build brand awareness. There are several industries that may be significantly impacted by the evolution of the metaverse, including:

• Technology: It is anticipated that there will be cutting edge technologies at the forefront, building the infrastructure for the metaverse.
• Gaming: This industry has potential to be the center of the metaverse with gamers developing a deeper connection to the digital world.

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Reprinted courtesy of The Hartford Staff, The Hartford Insights

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Don’t Put Yourself In The Position Of Defending Against An Accord And Satisfaction Defense

October 10, 2022 — David Adelstein - Florida Construction Legal Updates
The doctrine of accord and satisfaction lives and breathes in disputes including construction disputes. Unfortunately, a contractor, in the case discussed below, found out the hard way after it cashed checks that were accompanied with a letter that clearly indicated the checks were final payment. Once those payments were cashed, there was no “buyer’s remorse” that would allow it to still pursue disputed amounts. Remember this the next time you accept and cash a payment that says on the check it is full and final payment OR is accompanied by a letter that makes clear the payment is full and final payment. If you cash it, there is no second bite out of the apple, so to speak. If you are not interested in the payment being full and final payment, return the check. If you are not sure, either return the check or inquire and get that response in writing. Don’t put yourself in the position of defending against an accord and satisfaction defense. Even without the doctrine of accord and satisfaction, the contract between the contractor and owner discussed below made clear that contractor’s acceptance of final payment meant that contractor was unconditionally waiving other claims against the owner, further reinforcing that there would be no second bite out of the apple. The morale:

(1) read the letter that accompanies a check and do NOT cash a check that indicates it is for final payment unless you are prepared to accept that amount; and (2) read your contract to understand any contractual obligation that kicks-in with the acceptance of final payment.

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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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Insurance Law Client Alert: California FAIR Plan Limited to Coverage Provided by Statutory Fire Insurance Policy

February 07, 2014 — Valerie A. Moore and Chris Kendrick - Haight Brown & Bonesteel, LLP
In St. Cyr v. California Fair Plan Association (No. B243159, filed 1/31/14), a California appeals court held that the state's high risk property insurance plan is not obligated to provide any greater coverage than that mandated for the state's statutory fire insurance policy. The plaintiff-policyholders lived in high fire risk areas and were insured under the California FAIR Plan, which provides property insurance to the otherwise uninsurable. Following loss of their homes and other property in wildfires, the policyholders were paid the full amount of their policy limits, but contended that they were entitled to additional payments. Specifically, the policyholders alleged that the FAIR plan provided less protection than statutorily mandated by Insurance Code sections 10090 through 10100.2, which spells out the "Basic Property Insurance Inspection and Placement Plan" of the FAIR program. The policyholders contended that FAIR was required to issue a policy not only in accordance with the standard form fire insurance policy set forth in Insurance Code section 2071, but also the "'Basic Property Insurance' written in the normal market . . . known as the 'HO-3'," referring to the copywrited homeowners policy form promulgated by the Insurance Services Office (ISO). Reprinted Courtesy of Valerie A. Moore, Haight Brown & Bonesteel, LLP and Chris Kendrick, Haight Brown & Bonesteel, LLP Ms. Moore may be contacted at vmoore@hbblaw.com and Mr. Kendrick may be contacted at ckendrick@hbblaw.com. Read the court decision
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Property Owner’s Defense Goes Up in Smoke in Careless Smoking Case

September 23, 2019 — Michael J. Ciamaichelo - The Subrogation Strategist
Property owners owe a duty of reasonable care to avoid causing harm to neighboring properties. When a property owner knows or should know about a condition that poses a risk of danger to neighboring properties, the property owner must exercise reasonable care to make the condition safe. The Court of Special Appeals of Maryland recently held that, where hundreds of discarded cigarette butts had accumulated in a bed of mulch over an extended period of time prior to the fire at issue, the owner of the property with the mulch beds owed a duty of care to its neighbors to prevent a foreseeable fire. In Steamfitters Local Union No. 602 v. Erie Insurance Exchange, 2019 Md. App. LEXIS 430 (May 30, 2019), a fire originated in a strip of mulch at property owned by the Steamfitters Local Union No. 602 (Union) and caused damage to neighboring properties. The fire occurred when an unknown person discarded a cigarette butt into the mulch. Following the fire, investigators found “hundreds, if not thousands of cigarettes” in the mulch where the fire originated. A representative for the Union acknowledged that there were more butts in the mulch “than there should have been” and that, “[i]n the right situation,” a carelessly discarded cigarette could cause a fire. The Union, however, had no rules or signs to prohibit or regulate smoking at the property, where apprentices would often gather prior to class. The insurance companies for the damaged neighbors filed subrogation actions alleging that the Union, as the property owner, failed to use reasonable care to prevent a foreseeable fire. A jury found in favor of the subrogating insurers and against the Union. Read the court decision
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Reprinted courtesy of Michael J. Ciamaichelo, White and Williams LLP
Mr. Ciamaichelo may be contacted at ciamaichelom@whiteandwilliams.com

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Best Practices: Commercial Lockouts in Arizona

March 19, 2024 — Patrick Tighe - Snell & Wilmer Real Estate Litigation Blog
If a tenant defaults under a commercial lease, Arizona law permits the landlord to re-take possession of the premises by locking out the defaulting tenant. However, if the landlord’s lockout is wrongful, the landlord may be liable for the damages the tenant sustains because of the wrongful lockout. To minimize such liability, here are some general best practices to follow when locking out a defaulting tenant:

• Do Not Breach the Peace. It is vital when performing a lockout to not breach the peace. What constitutes a “breach of the peace” depends on the particular circumstances at hand. For example, if a tenant arrives during the lockout and becomes angry or threatens violence, the landlord should stop performing the lockout and return at a later time. As a general rule of thumb, it is best to perform lockouts in the early morning hours or in the late evening hours when the landlord is less likely to encounter the tenant.
• Provide A Notice of Default. Many commercial leases require the landlord to provide a notice of default before the landlord can lock out a defaulting tenant. Check, double check, and triple check that the landlord followed the lease’s notice of default provisions correctly, including that the landlord sent the notices to all required parties in accordance with the time requirements set forth in the lease.

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Reprinted courtesy of Patrick Tighe, Snell & Wilmer
Mr. Tighe may be contacted at ptighe@swlaw.com

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Project Team Upgrades Va. General Assembly

September 29, 2021 — Bruce Buckley - Engineering News-Record
From pre-pandemic labor and material shortages to COVID precautions and social unrest concerns, the design and construction team on the Commonwealth of Virginia’s new General Assembly Building (GAB) project in Richmond has navigated the breadth of recent industry challenges. Set on Capitol Square and neighboring the Virginia State Capitol, the site of the new 414,000-sq-ft GAB is as high profile of a location as you can find in the state. Reprinted courtesy of Bruce Buckley, Engineering News-Record ENR may be contacted at enr@enr.com Read the full story... Read the court decision
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