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Full-Text Articles in Law
The Next Green Issue: Considering Property Insurance For The Green Building, Darren A. Prum
The Next Green Issue: Considering Property Insurance For The Green Building, Darren A. Prum
Darren A. Prum
As government policies across the country try to encourage more environmentally friendly buildings, the next green issue facing the owners of the completed structure is obtaining the proper insurance coverage to protect their investment. A typical property insurance policy covers the costs to reconstruct or replace property damaged as the result of a casualty, so the Insurance Service Organization and other carriers offer specific green building endorsements in an effort to augment the underlying property policy. However, these buildings maintain unique characteristics, which becomes relevant to the owner and policy underwriter as well as other stakeholders like the holder of …
The Bonds That Tie: Will A Performance Bond Require That A Surety Deliver A Certified Green Building?, Darren Prum, Lorilee Medders
The Bonds That Tie: Will A Performance Bond Require That A Surety Deliver A Certified Green Building?, Darren Prum, Lorilee Medders
Darren A. Prum
In 2006, the city of Washington, D. C. passed landmark legislation that introduced green building requirements for various types of structures into the jurisdiction over a five-year period. A noteworthy aspect of the legislation directed construction projects within the district to purchase green performance bonds up to $3 million to guard against a privately owned project’s failure to meet its green building aspirations. In essence, this law placed the burden of guaranteeing compliance with the government’s policy upon the contractors and sureties of a green building project.
Following the passage of this act, confusion amongst the construction industry and sureties …