Legal/Legislative Updates

EXCLUDE THAT As damaging storms become more frequent, insurers are looking for ways to limit the claims related to them. The latest idea: A new endorsement in both commercial and residential insurance policies that would exclude coverage for cosmetic damage to roofs caused by wind and hail. The insurance industry organizations that standardize forms for property/casualty insurers have drafted endorsements and are in the process of seeking state approval for them. The endorsements would preclude [Read More...]

NOT IMMINENT San Bernardino Country, which attracted national attention last year when lawmakers said they were considering using eminent domain as a tool to deal with underwater mortgages have attracted attention anew with their decision not to pursue that plan. Members of the Joint Powers Authority ― a commission appointed to consider the idea on behalf of the county and two of its cities ― unanimously rejected the proposal, which called for seizing delinquent loans [Read More...]

STILL BUILDING Although surveys show that young adults, sidelined by the economic downturn and rattled by the housing market collapse, appear to be regaining their appetite for home ownership, builders are not curbing their appetite for constructing multi-family housing. Increasing demand for apartments has pushed rents and property values higher, while low interest rates have created a favorable construction climate. As a result, multifamily construction activity has been increasing steadily for the past two years. [Read More...]