Michael Iakovou and Olivia Piluso | KL Legal What is builder’s risk insurance? Builder’s risk insurance covers accidental losses, damages and destruction to property damages during construction operations. Under typical construction industry standards, either the owner or the contractor purchases builder’s risk coverage. The party that purchases the policy depends on who has the greater… Continue reading Builder’s Risk Insurance For Construction Projects
Tag: Builders Risk Coverage
Words Matter: a Series of Leaks Constitutes a Single Occurrence Under Particular Policy Language
Thais Passerieu | Butler Weihmuller Katz Craig In a recent decision from the United States District Court for the Middle District of Florida, Tampa Division, styled KT State & Lemon, LLP et al. v. Westchester Fire Ins. Co. et al.,[1] the Court granted summary judgment to the Plaintiffs and held that a series of leaks occurring over… Continue reading Words Matter: a Series of Leaks Constitutes a Single Occurrence Under Particular Policy Language
California Expands on Scope of Coverage for Soft Cost Claims
Caitlin N. Rabiyan | SDV Insights The California federal district court case of KB Home v. Illinois Union Insurance Co., No. 8:20-cv-00278-JLS-JDE, (C.D. Cal. August 23, 2022), provides much needed guidance for cases involving builder’s risk insurance claims for soft cost coverage. The case stems from damage to several of KB Home’s residential building sites caused… Continue reading California Expands on Scope of Coverage for Soft Cost Claims
What To Expect In Builder’s Risk Insurance Claims In 2023
Jane Warring | Zelle With interest rates on the rise, sticky inflation, few signs of a cooling labor market, and continued instability in Russia, China and beyond affecting energy prices and exports, the builder’s risk insurance industry is in store for more complex claims in 2023. Builder’s risk insurance may be purchased by owners and… Continue reading What To Expect In Builder’s Risk Insurance Claims In 2023
When Are General Conditions and General Requirements Covered by Builder’s Risk
Michael V. Pepe and Grace V. Hebbel | Saxe Doernberger & Vita General conditions and general requirements are terms of art in the construction industry that describe the indirect costs necessary to complete a construction project. After physical loss or damage to a project, the following question often arises: Are “general conditions” and “general requirements”… Continue reading When Are General Conditions and General Requirements Covered by Builder’s Risk