Michael Teng | Construction Executive The cost of risk—and mitigating it—has increased in construction. It’s a trend that mirrors economic headwinds that are expected to continue in 2024. Every aspect of a jobsite costs more today, from materials and labor to tools and equipment. Take construction input costs for example. While relatively flat in 2023,… Continue reading Protect Projects From Higher Repair Costs and Property Damage
Category: Insurance
Judgment Proof: Reducing Litigation Exposure with Litigation Risk Insurance
Latosha M. Ellis and Charlotte Leszinske | Hunton Andrews Kurth It is not just your imagination: verdicts are getting bigger. So-called “nuclear verdicts” have increased in size and frequency over the past decade, particularly after the COVID-19 pandemic. Litigation risk insurance is a little known, but highly effective, option meant to compliment traditional insurance products… Continue reading Judgment Proof: Reducing Litigation Exposure with Litigation Risk Insurance
Appraisal Panel Can Determine Causation of Loss Under Ohio Law
Tred R. Eyerly | Insurance Law Hawaii The federal district court granted the insured’s motion to compel an appraisal that would include a determination of causation of the loss. Eagle Highland Owners Association v. State Farm Fire and Casualty Co., 2023 U.S. Dist. LEXIS 220937 (S.D. Ohio Dec. 12, 2023). Plaintiff argued… Continue reading Appraisal Panel Can Determine Causation of Loss Under Ohio Law
Illinois Supreme Court Finds Construction Defect Claim Triggers Initial Grant of Coverage
Tred R. Eyerly | Insurance Law Hawaii The Illinois Supreme Court found that the underlying allegations addressing construction defects were sufficient to establish “property damage” caused by an “occurrence.”Acuity v. M/I Homes of Chicago, LLC, 2023 Ill. LEXIS 1019 (Ill. Nov. 30, 2023). M/I Homes was the general contractor for a… Continue reading Illinois Supreme Court Finds Construction Defect Claim Triggers Initial Grant of Coverage
Viewpoint: The Difference Between Statutes of Limitations and Statutes of Repose
Gary L. Wickert | Claims Journal Subrogation professionals, like lawyers, must be constantly vigilant for deadlines, statutes of limitations, statutes of repose, and notice timelines set forth by the laws of the 50 states. Likewise, it is important to know and understand the differences between statutes of limitations and statutes of repose. They are both… Continue reading Viewpoint: The Difference Between Statutes of Limitations and Statutes of Repose