Fairfield Connecticut Building Expert Directory

Risk-Shifting Tactics for Construction Contracts

February 24, 2020 — Nate Budde - Construction Executive
Anyone who has worked in the construction industry is familiar with the financial risks involved. With thin margins, cash flow issues and the litany of potential claims and damages that can arise, contractors need to be able to manage that risk properly. There is the right way of going about it, and there's a wrong way. Unfortunately, the wrong way (which involves using leverage and shifting risk to other parties) is the more prevalent approach. There are different contractual tactics employed by owners and general contractors alike to shift financial risk to other parties. Why is construction so financially risky? There are a few different reasons there is so much risk involved. First and foremost, the construction payment chain itself is inherently risky. Owners and lenders release project funds and trust that the money will reach everyone on the job. But that can’t happen unless each link in the payment chain passes payment to the next. That's a lot of trust for an industry that's not particularly known for it. Another reason is how construction projects begin. Upfront payment is rare in this industry. This leads to floating the initial costs, extending credit and potentially borrowing money to do so. And those who typically bear this burden, lower-tier subs and suppliers, are the least equipped for that level of risk. Reprinted courtesy of Nate Budde, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved. Read the court decision
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Mr. Budde may be contacted at nate@levelset.com

Monitoring Building Moisture with RFID – Interview with Jarmo Tuppurainen

February 22, 2018 — Aarni Heiskanen – aec business
I met Jarmo, the Technology Manager at Helsinki Metropolia University of Applied Sciences, at the leading event for housing markets in Helsinki (Asuntomarkkinat). He and his team had set up an impressive display of devices and structures in the KIRA-digi showroom. 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

Fine Art Losses – “Canvas” the Subrogation Landscape

February 26, 2024 — William L. Doerler - The Subrogation Strategist
If a fire or flood destroys a high-net-worth client’s fine art collection, an insurer who pays out a claim related to the loss has an incentive to pursue subrogation. This article explores some of the issues an insurer should “canvas” before pursuing subrogation for these types of claims. Damage to fine art can occur in a number of ways. For instance, fine art may be damaged in a natural disaster – such as a flood or a wildfire. Artwork may also be accidentally damaged because of a transportation-related incident physically damaging the art. In addition, artwork may suffer fire or smoke damage from a fire within a building. Another possibility is that the artwork suffers damage because of renovations either to the insured’s home or a neighboring property. For example, a renovation contractor may damage artwork due to vibrations or leaking water. A construction worker, moreover, may turn with a tool in his hand, or trip and fall, damaging the artwork. Read the court decision
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Reprinted courtesy of William L. Doerler, White and Williams LLP
Mr. Doerler may be contacted at doerlerw@whiteandwilliams.com

Understanding Lien Waivers

September 03, 2015 — Beverley BevenFlorez-CDJ STAFF
Zlien on their Construction Payment Blog explained how to read a lien waiver. According to Zlien, “Lien waivers are meant to function as a sort of receipt – if a party is paid a certain amount that party waives his or her right to claim a lien for that amount. “ The blog post breaks down the types of lien waivers, including Conditional Waivers, Unconditional Waivers, Final Payment, and Progress Payment. Once the type of waiver has been identified, Zlien suggests checking the length: “Because the party signing the lien waiver may feel obligated to sign whatever document is presented in order to get paid, unscrupulous or oblivious parties may attempt to use the lien waiver as a legal positioning tool and cram all sorts of other language into the lien waiver that really has no legitimate right or reason to be there.” Zlien recommends that if the document is long or confusing to consult an attorney. Read the court decision
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Demand for New Homes Good News for Home Builders

October 01, 2013 — CDJ STAFF
Stock prices are up for both KB Homes and Lennar, with shares of KB Homes up 7 % and Lennar up 5.5%. Both home builders are profiting from increased demand for new homes while supplies were scarce. Both firms have seen a strong increase in orders during the last quarter. Read the court decision
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California Case Is a Reminder That Not All Insurance Policies Are Alike Regarding COVID-19 Losses

April 05, 2021 — Neal I. Sklar & Joshua A. Morehouse - Peckar & Abramson, P.C.
A recent case from the Central District of California reminds us that not all insurance policies are alike. Depending on the particular policy, losses from the COVID-19 outbreak could qualify as property damage and therefore could be recoverable under an all-risk insurance policy. COVID-19 has in many cases imposed significant costs on contractors, and in a host of ways. Contractors’ attempts to recover these costs from owners or insurers have at times been frustrated by contractual or policy language written after a lengthy time, during which the risk of a pandemic on the scale of COVID-19 was not as much of a concern as it is now. This has led contractors to explore new, often creative legal theories in their attempts to recover costs flowing from COVID-19. A recent Complaint filed in the Central District of California focuses on all-risk property insurance policies and the potential for contractors who have purchased such policies to classify contamination from COVID-19 as an insurable property loss. In AECOM v. Zurich Insurance Company, Case No. 2:21-cv-00237-JAK-MRW (C.D. Cal), a contractor purchased “all-risk” property insurance from Zurich. This policy covered “economic losses from all risks not expressly excluded.” According to the Complaint, the presence of COVID-19 on its properties “physically alter[ed] air, airspace, and surfaces preventing… (the contractor) from using its properties for their intended purpose and function.” Reprinted courtesy of Neal I. Sklar, Peckar & Abramson, P.C. and Joshua A. Morehouse, Peckar & Abramson, P.C. Mr. Sklar may be contacted at nsklar@pecklaw.com Mr. Morehouse may be contacted at jmorehouse@pecklaw.com Read the court decision
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Traub Lieberman Attorneys Named 2019 Super Lawyers

November 04, 2019 — Traub Lieberman
Related Attorneys: Jonathan R. Harwood, Michael K. Kiernan, Michael S. Knippen, Meryl R. Lieberman, Christopher Russo, Scot E. Samis, Lisa L. Shrewsberry, Stephen D. Straus, Richard K. Traub, Cheryl P. Vollweiler, Brian C. Bassett, Jessica N. Kull, Jeremy S. Macklin, Dana A. Rice, Burks A. Smith, III, Jason Taylor Ten Traub Lieberman attorneys have been named 2019 Super Lawyers and seven named 2019 Rising Stars. The honored attorneys represent five of the firm's seven offices and nearly all of its service areas. Super Lawyers, a Thomson Reuters business, is a rating service of outstanding lawyers from more than 70 practice areas, who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. Read the court decision
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Hurricane Warning: Florida and Southeastern US Companies – It is Time to Activate Your Hurricane Preparedness Plan and Review Key Insurance Deadlines

November 01, 2022 — Andrea DeField, Walter J. Andrews, Michael S. Levine, Lawrence J. Bracken II & Cary D. Steklof - Hunton Insurance Recovery Blog
Hurricane Ian is rapidly approaching the west coast of Florida and is expected to make landfall as a Category 4 hurricane near the Tampa area within the coming days. While the exact track is still being determined, there is a chance the storm may also impact insureds in Georgia and South Carolina. Now is the time to activate your disaster plan and ensure that you have your relevant insurance policies in your possession and that you review them for critical deadlines. We put together an alert here with tips to help you and your business mitigate potential storm loss and maximize coverage. Reprinted courtesy of Andrea DeField, Hunton Andrews Kurth, Walter J. Andrews, Hunton Andrews Kurth, Michael S. Levine, Hunton Andrews Kurth, Lawrence J. Bracken II, Hunton Andrews Kurth and Cary D. Steklof, Hunton Andrews Kurth Ms. DeField may be contacted at adefield@HuntonAK.com Mr. Andrews may be contacted at wandrews@HuntonAK.com Mr. Levine may be contacted at mlevine@HuntonAK.com Mr. Bracken may be contacted at lbracken@HuntonAK.com Mr. Steklof may be contacted at csteklof@HuntonAK.com Read the court decision
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FAIRFIELD CONNECTICUT BUILDING EXPERT DIRECTORY AND CAPABILITIES