Between April 2006 and January 2011, the construction industry eliminated more than 40% of its workforce. The construction industry is one that is complex and confusing to anyone on the outside looking in. However, even some people who manage construction sites are not as well-versed with this world as they should be. Any construction site manager that is without a construction attorney is in a dangerous position!
Builders risk coverage is written for a minimum one-year term to cover a new building or structure under construction or an existing structure undergoing additions, alterations, or repairs. This is the type of policy that is essential to any construction site and more often than not, it is very beneficial to have a construction attorney present when crafting these types of policies.
The prospect of managing a construction site is not simple whatsoever and there is plenty of stress to be found in this line of work. Anything can happen and mistakes can potentially be made. So here are the facts on hiring a construction attorney:
ISO’s Builders Risk Coverage Form is the basic avenue to builders risk coverage in the simplified language commercial property program. Builders risk coverage is important in the case that any mistakes are made during the construction process and sometimes that does indeed happen. As a result, there is a great amount of help that can come from a talented construction attorney.
Hiring a lawyer, lawyers, or a law firm is a great way to be covered from all angles in the legal sense. It will help you have access to a great number of resources because you can always have a construction attorney present to help you out. As there is more and more technology implemented in construction sites, the risk may be reduced or it can potentially change the landscape of Builder’s Risk policies.
According to Colin Guinn of 3-D Robotics, drones will help engineers and architects tackle various construction tasks more accurately. Construction companies that use 3-D printers today mainly print concrete materials. There are great benefits attached to this change in construction but again, it may change how policies are written. So any construction site that is going down this unorthodox route should definitely hire a construction attorney.
In 2015, the American Arbitration Association administered 551 construction industry cases with claims of $500,000 or more. The largest mediated construction case was for $2.6 billion, while the largest arbitration case was $96 million. The total value of all claims and counterclaims in 2015 was $5.5 billion. Arbitration is no easy task to handle, however, you will be in a good position with the right kind of construction attorney.
According to the American Arbitration Association, alternative dispute resolution is the preferred conflict-management process in the construction industry. The median time frame from filing to award for 2015 construction arbitration cases was just 232 days or less than eight months. A lengthy process like this is going to require the attention of a construction attorney because they can apply a daily focus to your case!
According to the American Arbitration Association, the largest case resolved by one arbitrator was a claim of $232 million. The smallest case, which was resolved by a panel of three arbitrators, was a claim for just $23,000. According to a 2005 review of civil cases filed in state courts, plaintiffs win bench trials 68% of the time and 54% of the time in jury trials.
In 2016, the United States construction market was worth approximately $1,162 billion. This is both good and bad. It is good because this means the construction market is strong but also bad because it means that this high value can make it more liable for lawsuits. Any construction manager without a construction attorney is putting themselves in a bad spot. Be sure to get with a law firm that will work hard for you at all times!