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As an insured, it is important to understand the prior acts exclusion in your insurance policy. The prior act exclusion bars coverage for claims that arise out of an act prior to the policy period or specified date in the policy. Knowing this, an insured typically can get some prior acts coverage to cover claims that arise out of an act that precedes the policy period (e.g.
Contracts oftentimes contain conditions precedent to payment or another affirmative obligation. The condition precedent needs to occur to trigger a party’s obligation to perform. If the condition precedent does not occur, then the obligation to perform is never triggered. Contracting parties need to understand and appreciate conditions precedent to perform in their contract.
Are you a contractor and need continuing education credit? I recently got three one-house courses approved by Florida’s Construction Industry Licensing Board. These one-hour courses are designed for live breakfast-and-learn or lunch-and-learn sessions. They are designed for practical application on key issues facing all in construction.
As you know, insurance is an important part of risk assessment for many, many business needs. Oftentimes, an insured relies on an insurance broker or agent to procure specific insurance to meet its express business objectives and risks. Notably, there is a potential negligence claim associated with an insurance agent or broker’s negligent procurement of insurance for an insured.
There are steps an insured or claimant need to take in order to assert a statutory bad faith claim. The first step is the obligatory Civil Remedy Notice. This obligation is set forth in Florida Statute s. 624.155. The Civil Remedy Notice is, in essence, written notice of the specific violation(s) that are being claimed against the insurer that give rise to potential bad fait ...
What is factoring? Have you heard this term used in the business context? Factoring is not uncommon in the business world. It comes up when a business is in need of cash (immediate cash flow) and sells/assigns money owed under accounts receivable to a third party known as a factor. The factor purchases the accounts receivable at a discount in consideration of an assignment of ...
Construction projects can lead to insurance coverage disputes. One such dispute arises when a general contractor is sued for construction defects and resulting property damage and it tenders the defense of the claim / lawsuit to an implicated subcontractor’s liability insurer. A general contractor does this because it (hopefully) will be an additional insured under the subcon ...
There are literally some (or, perhaps, many!) disputes that will make you say “hmm!” The “hmm” is a euphemism for “what is a party thinking?!?” The case of Trump Endeavor 12 LLC v. Fernich, Inc., 42 Fla. L.Weekly D830a (Fla. 3d DCA 2017) is one of these cases because a party (the owner) is banking its defense on a technical “all-or-nothing” argument pertaining to whether a li ...
All too often entities prepare their own construction liens. Sure, it is an effective way to save a few bucks. No doubt about it. But, by doing so, you are (i) not relying on advice of counsel that is important when it comes to lien preparation and (ii) not relying on strategy that goes along with the preparation of a lien.
There have been a couple of decisions as of late, particularly in federal court, that have gone in favor of a performance bond surety and against a general contractor’s claim against a subcontractor’s performance bond. These decisions have been so unfavorable that they may be swaying certain internal decisions to move to subcontractor default insurance with, perhaps, subcontr ...
The traditional attorney’s fee model for business disputes including construction disputes is hourly billing. There is certainly nothing wrong with this model. But…it is NOT the only model and there are other models that can actually be perceived as value-added to your business objectives. There is nothing wrong with innovation and creativity.
Cyber security insurance is a relatively new insurance product that has probably become more popular and important in today’s digital age. Think about it. Almost everything is created, transmitted, shared, and stored digitally. Companies utilize cloud-based platforms to store documents, share documents, and transmit documents. Documents are transmitted via e-mail.
All participants across the construction industry should understand what efforts they should take to maximize and collateralize payment. No one wants to work for free and, certainly, no one in the construction industry wants to work without ensuring there is some mechanism to recover payment in the event they remain unpaid.
I finally did it! I wrote an ebook on the fundamentals of Miller Act payment bonds. A nuts and bolts approach focusing on the practical application of Miller Act payment bonds. It is currently on Amazon and will be on iTunes in the next day or so. If you are interested in Miller Act payment bonds, check it out ...
I have been asked this question quite a bit from owners, in particular: “The contractor committed defective work, but it has insurance. Doesn’t the insurance cover this defective work?” Ugh, NO! There is this misconception that liability insurance, specifically, is the be-all-and-end-all when it comes to defective work. This could not be further from the truth.
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