Fairfield Connecticut Building Expert Directory

Mortgage Bonds Stare Down End of Fed Easing as Gains Persist

October 29, 2014 — Jody Shenn – Bloomberg
The end of the Federal Reserve’s third round of bond purchases is proving to be a non-event for mortgage-backed debt. That’s partly because even though the U.S. central bank won’t be adding more home-loan securities to its balance sheet, policy makers will still be buying enough to prevent its holdings from shrinking. Those purchases are having a greater impact as the pace of net issuance slows to a quarter of the amount last year amid a weaker property market. The $5.4 trillion market for government-backed mortgage bonds is defying predictions for a slump tied to the wind-down of the Fed stimulus program, whose completion economists predict will be announced today. Yields on benchmark Fannie Mae (FNMA) notes have shrunk 0.14 percentage point this year relative to government debt, narrowing to within 1.09 percentage points of an average of five- and 10-year Treasury rates. Read the court decision
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Reprinted courtesy of Jody Shenn, Bloomberg
Ms. Shenn may be contacted at jshenn@bloomberg.net

Ohio Court Refuses to Annualize Multi-Year Policies’ Per Occurrence Limits

June 19, 2023 — Patricia Santelle, Adam Berardi & Lynndon Groff - White and Williams LLP
White and Williams recently obtained summary judgment against an insured on behalf of an insurer and a guarantor, establishing that two multi-year insurance policies provide per occurrence limits on a per policy rather than a per year basis, which shielded potential exposure by over $100 million. The insured had previously sought and obtained coverage under two policies in connection with a single occurrence arising out of massive environmental contamination claims involving a large industrial site. The issue of whether the policies provide per occurrence limits on a policy term or annual basis was not resolved in this earlier litigation. The first policy was effective for three years and provides per occurrence limits of $40 million. The second policy was effective for up to three years and provides per occurrence limits of $15 million. Reprinted courtesy of Patricia Santelle, White and Williams LLP, Adam Berardi, White and Williams LLP and Lynndon Groff, White and Williams LLP Ms. Santelle may be contacted at santellep@whiteandwilliams.com Mr. Berardi may be contacted at berardia@whiteandwilliams.com Mr. Groff may be contacted at groffl@whiteandwilliams.com Read the court decision
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Rise in Single-Family Construction Anticipated in Michigan

December 04, 2013 — CDJ STAFF
Things are looking up for Michigan home builders. Rovert Filka, the chief executive officer of the Home Builders Association of Michigan said that “home values are starting to rise as a result of so little production over the last five years.” The group anticipates that about 14,000 new homes will be built in Michigan over the next year. Jason Burton, owner of Price Right Builders, noted that the increase in building has been slow. “Locally we are seeing the climb, but it’s a slow climb,” he said. “We’ve got a long way to go to get back to where we were.” Read the court decision
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Another Reminder that Your Construction Contract is Only as Good as Those Signing It

December 17, 2024 — Christopher G. Hill - Construction Law Musings
Here at Construction Law Musings, we beat the constant drum that “the contract is king” and “draft a good and well-worded construction contract” consistently. As a Virginia construction attorney, I stand by these statements and fully endorse a well-written construction contract. Such a contract will set expectations and provide the rules for your deal (particularly in the commercial context). Without this solid foundation (yes, I see the potential construction pun), when there are issues on the job site, there will be no baseline for how to resolve those issues. That said, I am also reminded on an almost daily basis that humans interact with these contracts. People negotiate the contracts and are the main forces that drive the success (or failure) of the construction project. Money is involved (often a lot of it) and there can at times be temptations to try and squeeze one last dollar out of the job despite what the contract says. Even the strongest contract cannot act as real-time protection against one party that refuses to comply with the contract and its performance or payment terms. Read the court decision
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Reprinted courtesy of The Law Office of Christopher G. Hill
Mr. Hill may be contacted at chrisghill@constructionlawva.com

Remediation Work Caused by Installation of Defective Tiles Not Covered

August 19, 2015 — Tred R. Eyerly – Insurance Law Hawaii
The federal district court applied California law to find there was no coverage when the subcontractor was sued for broken tiles on a project. Am. Home Assur. Co. v. SMG Stone Co., 2015 U.S. Dist. LEXIS 75910 (N. D. Cal. June 11, 2015). The subcontractor installed stone floor tiles at the project. The developer discovered fractures in some of the tiles. The fractured tiles were removed and replaced. This remediation process required the removal and replacement of portions of drywall and concrete subfloor installed by other subcontractors. The developer sued the subcontractor, who tendered the defense to its insurer. The insurer denied coverage and filed for a declaratory judgment that there was no coverage for the floor tile fracture claims. 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

Adjuster's Report No Substitute for Proof of Loss Under Flood Policy

July 30, 2015 — Tred R. Eyerly – Insurance Law Hawaii
The insured's claim for flood coverage was denied when the insurer refused to accept an adjuster's report submitted without a proof of loss. Jackson v. Fid. Nat'l Ins. Co., 2015 U.S. Dist. LEXIS 66589 (E.D. La. May 21, 2015). Plaintiff's property was damaged by Hurricane Isaac. Defendant Fidelity provided flood coverage for the property through the National Flood Insurance Program (NFIP). After plaintiff submitted a flood claim, she executed a proof of loss for $53,803.02. A second proof of loss for contents was submitted in the amount of $26,556.13. Fidelity paid both these claims. Thereafter, an adjuster's estimate of plaintiff's damages, totaling $284,332.91, was submitted to Fidelity. Plaintiff did not submit a supplemental proof of loss for this claim. Fidelity refused to pay the claim and plaintiff filed suit. 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

To Arbitrate or Not to Arbitrate? That is the Question

April 28, 2016 — Garret Murai – California Construction Law Blog
It’s been the fodder of debate of philosophers, academics and the rest of us for ages:

Do we have free will or are our actions predetermined and the result of preceding events?
Are human beings fundamentally selfless or self preserving?
Coca-Cola or Pepsi?
iOs or android?

And for litigators and their clients, including us construction lawyers, arbitration or litigation? Or, in short, if a project goes sideways, in what forum will you resolve your dispute? It’s an important question the answer to which could mean the difference between winning or losing. Read the court decision
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Reprinted courtesy of Garret Murai, Wendel Rosen Black & Dean LLP
Mr. Murai may be contacted at gmurai@wendel.com

North Carolina Court Rules In Favor Of All Sums

July 13, 2020 — Lorelie S. Masters & Patrick M. McDermott - Hunton Andrews Kurth
A North Carolina court recently ruled in favor of all sums allocation. Duke Energy Carolinas, LLC v. AG Insurance SA/NV, No. 17 CVS 5594 (N.C. Sup. Ct.). In that case, Duke Energy is seeking coverage for “liabilities linked to coal combustion residuals (‘CCRs’), i.e., coal ash, at fifteen Duke-owned power plants in North and South Carolina.” In a recent summary judgment decision, the court resolved a dispute between Duke and TIG Insurance Company, as successor to Ranger Insurance Company, about whether all sums allocation or pro rata allocation applied. The court found that “the non-cumulation provisions make plain” that all sums allocation applied. It also noted that “a large majority of the courts in other jurisdictions that have considered this issue have recognized that non-cumulation provisions such as those here compel all sums rather than pro rata allocation.” The decisions to the contrary, according to the court, had ruled “done so on public policy grounds” and not based on “the application of the rules of contract interpretation.” Reprinted courtesy of Lorelie S. Masters, Hunton Andrews Kurth and Patrick M. McDermott, Hunton Andrews Kurth Ms. Masters may be contacted at lmasters@HuntonAK.com Mr. McDermott may be contacted at pmcdermott@HuntonAK.com Read the court decision
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