Seattle Washington Building Expert Directory

Paycheck Protection Flexibility Act Of 2020: What You Need to Know

July 20, 2020 — Amy R. Patton & Rana Ayazi - Payne & Fears
On June 5, 2020, President Trump signed into legislation the bipartisan bill titled the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). The PPPFA modifies the Paycheck Protection Program, which was first introduced under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The modifications provide borrowers more control over the use of funds and make it easier to obtain forgiveness. The following is a summary of the key changes. 1. Extended Maturity Date From 2 Years to 5 Years Under the CARES Act, the minimum maturity date for loan amounts after the forgiveness period was not defined. The Small Business Administration (SBA) then released an Interim Final Rule clarifying that the minimum maturity date was two years. The PPPFA has extended the term to five years: “The covered loan shall have a minimum maturity of 5 years and a maximum maturity of 10 years from the date on which the borrower applies for loan forgiveness under that section.” 2. Extension of Covered Period From Eight Weeks to a Maximum of 24 Weeks Under the CARES Act, the covered period of the loan (i.e., the time period in which you may spend the loan funds) was February 15, 2020 to June 30, 2020, an eight-week period. The PPPFA extended the covered period to 24 weeks from the origination date of the loan, or December 31, 2020, whichever is earlier. Reprinted courtesy of Amy R. Patton, Payne & Fears and Rana Ayazi, Payne & Fears Ms. Patton may be contacted at arp@paynefears.com Ms. Ayazi may be contacted at ra@paynefears.com Read the court decision
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Gaps in Insurance Created by Complex Risks

January 22, 2024 — The Hartford Staff - The Hartford Insights
From slips, trips and falls to extreme weather and cyberattacks, businesses are regularly confronted with risks to operations and profitability. In 2023, elevated building costs, increased flooding, and growing ransomware attacks made it compelling for business owners to make sure they had adequate insurance to stay ahead of property and liability exposures. However, if left unchecked, these trends can lead to gaps in coverage. As 2024 approaches, now is the time to assess your risk and collaborate with the right resources to fill any potential voids in insurance. Economic inflation for example has changed property valuations, which can result in coverage gaps if policyholders have not examined their replacement costs recently. Read the court decision
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Reprinted courtesy of The Hartford Staff, The Hartford Insights

Limitation on Coverage for Payment of Damages Creates Ambiguity

April 03, 2013 — Tred Eyerly
Unable to discern the meaning of a provision stating that payment of damages would be made "through a trial but not any appeal", the court found an ambiguity.Parker v. Am. Family Ins. Co., 2013 U.S. Dist. LEXIS 9085 (D. Ore. Jan. 23, 2013). The homeowners sued the general contractor for defective construction of their home. In November 2008, the homeowners reached a settlement through mediation with the general contractor. The general contractor's claims under its policies with American Family and Mid-Continent were assigned to the homeowners. The homeowners then sued both insurers for breach of insurance contract and/or equitable contribution. American Family moved for summary judgment, claiming the homeowners did not prove their damages claim against the general contractor "through a trial but not any appeal." Read the court decision
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Reprinted courtesy of Tred Eyerly
Tred Eyerly can be contacted at te@hawaiilawyer.com

Lien Release Bonds – Remove Liens, But Not All Liability

February 20, 2023 — Mia Hughes - ConsensusDocs
Lien Release Bonds – Remove Liens, But Not All Liability Among owners and contractors, payment and performance bonds are commonly used together in an effort to mitigate future risk against derivative subcontractor claims. But what happens when despite the effort to mitigate risk, a derivative claimant nevertheless files a mechanics’ lien on the owner’s real property? Not all hope is lost. There is another classification of bond, a “lien release bond”—also commonly referred to as an indemnity bond or a mechanics’ lien bond—which provides protections for real property after a mechanics’ lien has already been filed. The purpose of a lien release bond is to remove claims against the relevant real property. Notably, a lien release bond does not necessarily eliminate all liability of an owner or a general contractor. In number of states, an owner or a general contractor can be held personally liable for derivative claims despite a valid lien release bond. What is a Lien Release Bond? A lien release bond is a specific type of surety bond that removes an existing mechanics’ lien from an owner’s real property. In an effort to protect real property, an owner, or a general contractor, can obtain a lien release bond that will substitute or take the place of a mechanics’ lien. In the event a lien claimant files suit on the mechanics’ lien and seeks to collect on their claim, any proceeds recovered will come from the lien release bond rather than proceeds from the sale or foreclosure of the real property. The threat of mechanics’ liens is always present on a construction project— it is estimated that over 60,000 mechanics liens were filed in 2021 alone. Lien release bonds are an added layer of protection for an owner’s real property against a pending mechanics’ lien. Read the court decision
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Reprinted courtesy of Mia Hughes, Jones Walker LLP (ConsensusDocs)
Ms. Hughes may be contacted at mhughes@joneswalker.com

Florida’s “Groundbreaking” Property Insurance Reform Law

April 18, 2023 — Bradley S. Fischer & Laura Farrant - Lewis Brisbois
Fort Lauderdale, Fla. (April 18, 2023) – On December 16, 2022, Florida Governor Ron DeSantis signed into law Senate Bill 2-A (S.B. 2-A, or the Act). Widely touted as “groundbreaking,” S.B. 2-A reforms many aspects of the claims process, including the timing for paying and adjusting claims, eliminating one-way attorneys’ fee awards, and banning assignment-of-benefits agreements. This alert provides an overview of the key provisions of S.B. 2-A. Unless otherwise stated in each amended statute, December 16, 2022 appears to be the effective date of the Act. I. Assignment of Benefits – Section 627.7152 (effective January 1, 2023)

A policyholder may not assign any post-loss insurance benefits under any residential or commercial property insurance policy. Any attempt to assign such benefits is void, invalid, and unenforceable.

Reprinted courtesy of Bradley S. Fischer, Lewis Brisbois and Laura Farrant, Lewis Brisbois Mr. Fischer may be contacted at Bradley.Fischer@lewisbrisbois.com Ms. Farrant may be contacted at Laura.Farrant@lewisbrisbois.com Read the court decision
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San Francisco OKs Revamped Settling Millennium Tower Fix

August 29, 2022 — Nadine M. Post - Engineering News-Record
After more than six months of scrutiny, San Francisco’s Department of Building Inspection has issued a revised building permit for the revamped perimeter pile upgrade of the settling 645-ft-tall Millennium Tower, thanks to a determination from the planning department that the revised scheme would not have any negative environmental impacts. The upgrade now consists of 18 piles to bedrock, already installed, rather than 52. Reprinted courtesy of Nadine M. Post, Engineering News-Record Ms. Post may be contacted at postn@enr.com Read the full story... Read the court decision
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Construction Defects Lead to Demolition of Seattle’s 25-story McGuire Apartments Building

March 16, 2011 — CDJ STAFF

According to a story published last Thursday in Seattle PI: " The 25-story McGuire Apartments, at Second Avenue and Wall Street, would cost more to fix than the building is worth, according to its owners. Its most serious defect involves steel cables that are corroding inside of concrete slabs because the ends weren’t properly treated with a rust-proof coating and a pocket in the edge of the concrete that wasn’t properly sealed"

The report by Aubrey Cohen outlines the demolition plans which are expected to take between 12 and 18 months, and will utilize robotic Brokk Machines. The demolition plan calls for one story at a time to be demolished, with the debris to be trucked offsite. Demolition plans aim to minimize disruption to residents and businesses in the area by Limiting work 7 a.m. to 6 p.m. on weekdays and 9 a.m. to 6 p.m. Saturdays with "impact and percussive activities" limited to 8 a.m to 5 p.m weekdays.

Public Housing Takes Priority in Biden Spending Bill

November 15, 2021 — Kriston Capps - Bloomberg
The White House narrowed its housing agenda with the latest compromise version of President Joe Biden’s social spending bill, lowering funding levels by half while also shifting the bill’s priorities. Representative Maxine Waters and her allies had pushed for $327 billion for rental assistance, affordable housing and other progressive priorities in the reconciliation bill. The most recent White House framework for the Build Back Better Act shows that this figure has been cut in half: The new target is $150 billion, with funding for many of the same programs intact. As a result, the balance of the housing investment has shifted from rental aid to public housing, according to the text of the bill. Funds to repair, replace or build public housing amount to $65 billion, down from a proposed $80 billion yet close to half the total housing package. The White House describes the housing bill as “the single largest and most comprehensive investment in affordable housing in history.” A fact sheet states that it will build or preserve more than 1 million affordable apartments and homes. Biden’s bill also includes a soft repeal of the Faircloth Amendment, a provision that has banned any net new federal public housing units since 1999. Yet the latest version of the bill will not go as far to fulfill Biden’s promise to expand housing vouchers as a federal entitlement program. Read the court decision
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Reprinted courtesy of Kriston Capps, Bloomberg

SEATTLE WASHINGTON BUILDING EXPERT DIRECTORY AND CAPABILITIES