Cambridge Massachusetts Building Expert Directory

Wildfire Risk Scores and Insurance Placement: What You Should Know

July 15, 2024 — Louis "Dutch" Schotemeyer & Molly L. Okamura - Newmeyer Dillion
What Are Wildfire Risk Scores and How Are They Calculated? Wildfire risk scores are scores assigned to properties by third-party vendors based on the likelihood of direct or indirect exposure to a wildfire. Wildfire risk scores can be a factor used by insurance companies when making coverage decisions. Additionally, wildfire risk scores can be a helpful metric for real estate developers to consider when determining whether to buy a piece of property. There are a variety of vendors that use unique methods to calculate wildfire risk scores. For example, CoreLogic, FireLine, and RedZone are vendors used by insurance companies in California. Some vendors' scoring scales are from 1-10, and some are from 1-100, but generally the higher the score, the higher the likelihood of a wildfire impacting the property. There is no national, standardized scoring scale. Reprinted courtesy of Louis "Dutch" Schotemeyer, Newmeyer Dillion and Molly L. Okamura, Newmeyer Dillion Mr. Schotemeyer may be contacted at dutch.schotemeyer@ndlf.com Ms. Okamura may be contacted at molly.okamura@ndlf.com Read the court decision
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Brazil's Success at Hosting World Cup Bodes Well for Olympics

July 16, 2014 — David Biller and Juan Pablo Spinetto – Bloomberg
A month ago, everyone from soccer analysts to economists said Brazil would win the World Cup title while the monthlong tournament would be marred by unfinished stadiums, violence and horrific traffic. How things change. Fans booed Brazil’s soccer team during the nation’s biggest-ever loss, a 7-1 pummeling by Germany last week which ended hopes of winning a record sixth championship. In the wake of the team’s 3-0 loss to the Netherlands in the consolation game, there have been calls from fans in the streets to President Dilma Rousseff to rebuild the national team. Yet Brazil’s unprecedented defeats contrast with the organizational success of the world’s most-watched sports event, which went off without major hitches following months of public criticism about partially-finished stadiums, labor strikes and threats of mass protests. The results may bode well for the country’s ability to pull off a successful 2016 Summer Olympic Games in Rio. Mr. Biller may be contacted at dbiller1@bloomberg.net; Mr. Spinetto may be contacted at jspinetto@bloomberg.net Read the court decision
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Reprinted courtesy of David Biller and Juan Pablo Spinetto, Bloomberg

Lenders Facing Soaring Costs Shutting Out U.S. Homebuyers

October 29, 2014 — Alexis Leondis and Clea Benson – Bloomberg
Clem Ziroli Jr.’s mortgage firm, which has seen its costs soar to comply with new regulations, used to make about three loans a day. This year Ziroli said he’s lucky if one gets done. His First Mortgage Corp., which mostly loans to borrowers with lower FICO credit scores and thick, complicated files, must devote triple the time to ensure paperwork conforms to rules created after the housing crash. To ease the burden, Ziroli hired three executives a few months ago to also focus on lending to safe borrowers with simpler applications. “The biggest thing people are suffering from is the cost to manufacture a loan,” said Ziroli, president of the Ontario, California-based firm and a 22-year industry veteran. “If you have a high credit score, it’s easier. For deserving borrowers with lower scores, the cost for mistakes is prohibitive and is causing lenders to not want to make those loans.” Reprinted courtesy of Alexis Leondis, Bloomberg and Clea Benson, Bloomberg Ms. Leondis may be contacted at aleondis@bloomberg.net; Ms. Benson may be contacted at cbenson20@bloomberg.net Read the court decision
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Colorado Senate Revives Construction Defects Reform Bill

January 04, 2018 — BEVERLEY BEVENFLOREZ - CDJ STAFF
Originally Published by CDJ on March 1, 2017 A re-booted construction defects reform bill recently passed its first Senate committee, according to the Denver Business Journal. Next, Senate Bill 156, sponsored by Sen. Owen Hill, R-Colorado Springs, heads to the Senate floor for debate. SB 156 “would require that condominium owners alleging construction defects take their disputes to arbitration or mediation if requested by builders,” the Denver Business Journal reported. “It also would require that homeowners be informed of the consequences of filing legal actions over purported disputes and that a majority of all owners in a condominium complex vote to proceed with legal action, rather than just a majority of homeowners association board members.” However, it is almost identical to the failed measures that were introduced in 2014 and 2015. Homeowners association group members and owners of defective condominiums argued against the measure, stating “that the effort would not improve the quality of building in the state, but simply would block aggrieved Coloradans from taking their complaints before a jury of their peers.” Proponent of the bill, Tom Clark, CEO of Metro Denver Economic Development Corp., said “that Denver’s housing costs have risen since the first bill was introduced in 2013 to the sixth-most-expensive in the country – and are tops for any metro area not on a coast.” Read the court decision
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Enforcement Of Contractual Terms (E.G., Flow-Down, Field Verification, Shop Drawing Approval, And No-Damage-For-Delay Provisions)

May 04, 2020 — David Adelstein - Florida Construction Legal Updates
What you contractually agree to matters, particularly when you are deemed a sophisticated entity. This means you can figuratively live or die by the terms and conditions agreed to. Don’t take it from me, but it take it from the Fourth Circuit’s decision in U.S. f/u/b/o Modern Mosaic, Ltd. v. Turner Construction Co., 2019 WL 7174550 (4th Cir. 2019), where the Court started off by stressing, “One of our country’s bedrock principles is the freedom of individuals and entities to enter into contracts and rely that their terms will be enforced.” Id. at *1. This case involved a dispute between a prime contractor and its precast concrete subcontractor on a federal project. The subcontractor filed a Miller Act payment bond lawsuit. The trial court ruled against the subcontractor based on…the subcontract’s terms! So, yes, what you contractually agree to matters. Example #1 – The subcontractor fabricated and installed precast concrete panels per engineering drawings. However, the parking garage was not built per dimensions meaning the panels it fabricated would not fit. The subcontractor had to perform remedial work on the panels to get them to fit. The subcontractor pursued the prime contractor for these costs arguing the prime contractor should have field verified the dimensions. The problem for the subcontractor, however, was that the subcontract required the subcontractor, not the prime contractor, to field verify the dimensions. Based on this language that required the subcontractor to field verify existing conditions and take field measurements, the subcontractor was not entitled to its remedial costs (and they were close to $1 Million). Furthermore, and of importance, the Court noted that the subcontract contained a flow down provision requiring the subcontractor to be bound by all of the terms and conditions of the prime contract and assume those duties and obligations that the prime contractor was to assume towards the owner. While this flow-down provision may often be overlooked, here it was not, as it meant the subcontractor was assuming the field verification duties that the prime contractor was responsible to perform for the owner. 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

Why Biden’s Infrastructure Plan Is a Green Jobs Plan

April 26, 2021 — Gernot Wagner - Bloomberg
“Once you put capital money to work, jobs are created.” These are not the words of President Joe Biden, announcing his administration’s infrastructure plan in Pittsburgh on Wednesday. Nor were they the words of Transportation Secretary Pete Buttigieg, standing on a train platform to announce expanded service, or of any of the administration’s economists charged with touting the virtues of the $2.25 trillion spending plan. It was Michael Morris, then-CEO of Ohio utility American Electric Power, who uttered them on an investor call a decade ago. AEP was fighting an Environmental Protection Agency proposal to reduce mercury and other pollutants from power plants, citing the expense of creating jobs to install new scrubbers on smokestacks or build cleaner plants. Morris, taking his fiduciary responsibility to the utility’s investors seriously, argued these new roles would come at a cost to AEP and were, thus, bad. What he did not question, and correctly so, was whether more investments would indeed create more jobs. Read the court decision
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Reprinted courtesy of Gernot Wagner, Bloomberg

Hong Kong Buyers Queue for New Homes After Prices Plunge

July 09, 2014 — Michelle Yun – Bloomberg
On a Saturday morning in mid-June, thousands wait, crammed into Hong Kong’s Fortune Metropolis mall, across Victoria Harbor from the main business district, their eyes locked on large elevated screens. Cheers erupt when numbers flash, indicating the lucky ticket holders in the crowd. They have paid HK$150,000 ($19,354) to enter a lottery that prioritizes buyers of apartments at City Point, a seven-tower development that billionaire Li Ka-shing’s Cheung Kong Holdings Ltd. (1) is building. More than 5,000 homebuyer-hopefuls are vying for 442 units, or about 11 for every home that went on sale the weekend of June 14. Housing sales in Hong Kong are rising after government efforts to cool soaring prices led transactions to plunge last year to the lowest since at least 2002. A drop in mortgage rates and discounts from builders are luring back buyers of new homes after their price fell as much as 20 percent since October. Read the court decision
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Reprinted courtesy of Michelle Yun, Bloomberg
Ms. Yun may be contacted at myun11@bloomberg.net

House Committee Kills Colorado's 2015 Attainable Housing Bill

May 07, 2015 — Derek Lindenschmidt – Higgins, Hopkins, McLain & Roswell, LLC
Senate Bill 177, the Colorado housing community’s effort to reinvigorate the construction of attainable multi-family housing and quell construction defect lawsuits, was killed by the House State, Veterans and Military Affairs Committee on Monday evening on a party-line vote. Although the bill received significant bipartisan support in the Senate, a broad coalition of municipalities, builders, contractors, and non-profit organizations was unable to convince a pre-determined “kill” committee of the merits and benefits of the bill. Read the court decision
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Reprinted courtesy of Derek Lindenschmidt, Higgins, Hopkins, McLain & Roswell, LLC
Mr. Lindenschmidt may be contacted at lindenschmidt@hhmrlaw.com

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