The Hard Market

Get ready for the world’s longest building. The 4000ft ‘Big Bend’ skyscraper proposed for New York. ✔️ A U-shaped skyscraper nicknamed ‘The Big Bend’ could radically change New York's skyline. The tower has been proposed by design studio Oiio for 57th Street, aka 'Billionaire's Row' in Manhattan. The unique shape of the tower which curves back round to the ground is viewed as a loophole to New York's zoning laws and 'air rights'  requirements for tall buildings. As it loops back to the ground it would be considerably cheaper than if it were 4,000ft in a traditional vertical ascent. Its design features an elevator which can go all the way round the u-shaped bend and "can travel in curves, horizontally and in continuous loops". If it were built it would be the tallest skyscraper in the Western hemisphere at 2,000ft. It is understood development partners and investors are currently being sought.

Some Builder's Risk insurers are overreacting to the SCB and Archer Western cases by replacing LEG forms with manuscript forms of various names including "cost of making good". Many of these replacements restrict the exception to the defective work/design/material exclusion to an "ensuing loss". In a claim, insurers who use "ensuing loss" language intend to argue that damage to the project caused by work/design/material is not covered - an "independent peril" is needed. Look at the Balfour Beatty v. Liberty case out of Texas for an example. Further, insurers argue that damage which is the "natural and expected consequence" of the defect is not an "ensuing loss". How "ensuing loss" language applies to a given claim depends on facts and what law applies, but we know the intent is to restrict coverage when it is used as a replacement for LEG. Review replacement forms carefully. Ignore representations that the forms are "LEG 3 equivalent" and do not assume that these are forms you are familiar with because you’ve heard their names used before – they’ve changed. If you've had claims with LEG forms, think about how the new proposed language might have impacted those claims.

🌟 New Lesson Available: Additional Insured - Ongoing Operations 🌟 Dive deeper into the critical concept of Additional Insured—Ongoing Operations with our latest lesson from ARK Academy! Understanding this aspect is vital for managing your insurance policies effectively, especially when working with contractors and vendors. In collaboration with The Hard Market, we're bringing valuable insights directly into the ARK platform. This partnership enriches your learning experience and ensures you have access to the latest trends and best practices in insurance compliance. Benefits of ARK: 🔍 Expert Insights: Access valuable knowledge from industry leaders at The Hard Market. 📚 Integrated Learning: Enjoy educational content right within the ARK platform. 🚀 Enhanced Compliance: Stay informed on regulatory changes and industry standards to improve your decision-making. Unlock the full potential of your insurance knowledge today by booking a demo! https://lnkd.in/gW6iM6cG #Insurance #Compliance #AdditionalInsured #InsuranceEducation #ARK #TheHardMarket #Learning #Partnership

Primary and non-contributory language in the coordination of primary and excess policies remains a challenge in construction claims. It's surprising that insurance carriers still advocate for the horizontal exhaustion theory, which goes against the risk transfer intent in the construction industry. Thankfully, a recent court case referenced in the article highlighted the importance of this issue by rejecting the insurer's argument. Key Takeaways: 1) Contracts should clearly state that "additional insured" coverage is primary and non-contributory. 2) Verify that all policies, including excess or umbrella policies, meet contractual requirements. 3) If an insurer delays payment until another policy is exhausted, review the policy thoroughly and consider challenging the insurer's stance. For more insights on primary and non-contributory coverage for additional insured, check out the full article: [Link to the article] #BORtheTour #insurance #construction #riskmanagement

📄 Understanding Policy Language Changes "It's crucial to understand why insurance companies make even the smallest changes to policy language." - Theresa Guertin, Partner at Saxe Doernberger & Vita, P.C. Gain valuable insights from industry expert Theresa Guertin in our latest Inside Insight episode, "From Policy to Practice: Transforming Insurance Theory into Real-World Application." 🎧 Check it out now! https://hubs.li/Q02G3tbq0 #InsuranceLaw #PolicyManagement #CRSolutions #IndustryInsights #InsurancePodcast #SDVLaw #ExpertInsight