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Construction Defects Seen as Accidents by More States

Construction worker
Photo credit: billjacobus1 / Foter / CC BY

 

While construction defects used to be perceived as faults that are not covered by insurance, more and more states are ruling the opposite. Defects are now often seen as construction accidents.

To identify whether a defect can be considered an accident and thus to fall under the general liability insurance policy, you can check four criteria. These are: if the faulty work was an accident; if the faulty work lead to property damage; if the defect is not clearly excluded from the insurance policy; and if there is such an exclusion, is there an exception that keeps the coverage intact.

Still, the court decision varies from state to state. In some cases, such defects are seen as the fault of the contractor or subcontractor. In other cases, negligent or defective work is seen as an accident, as it is not intentionally done by the contractor.

 

Read the source article at enr.construction.com

Most Americans Now Believe It Is Easy to Get a Mortgage

 

Even though the market is still not in perfect shape, 52% of Americans seem to perceive it is easy to get a mortgage. Fannie Mae’s January 2014 National Housing Survey showed these results when people were asked whether they think it is easy or difficult to get a home mortgage today. This is a 42% increase since January 2013.

Still, 45% of respondents think that it’s not that uncomplicated. This is a good sign, as it indicates that we have not reached the levels before the crisis when obtaining a mortgage was excessively easy.

However, less people think it’s a good time to buy property – 65%, which is a lower number than a year ago. Home prices are not expected to grow significantly as well. 

The survey also indicates that Americans are generally more optimistic about the financial situation in the country, as well as about their personal one. 

Read the source article at Mortgage Tips and Industry News