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RISK MANAGEMENT IDEAS FOR CONDOMINIUM PROJECTS
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Here are the highlights of the attached White Paper on risk management as relates
to condominium projects:
There has been incredible growth in the housing market nationwide. Construction
defect litigation has exploded in several states, drawing aggressive plaintiff law firms to
what has become a “cottage industry” of filing suits on behalf of condominium owners
and Homeowner Associations (“HOA”) against developers, contractors, architects and
others for actual or alleged defects. Some architects and contractors have dropped out of
the condominium market due to suits and high insurance. Insurers for contractors have
invoked exclusions in new policies for any residential construction and insurers for
architects charge increased premiums and require a supplemental application for
condominium projects. With many condominium projects developed by single-purpose
LLC’s, which are dissolved after all the units are sold, the unit owners and HOA’s often
have no recourse against the entity who sold them their unit. As a result, many sue the
contractor and architect.
G. William Quatman, FAIA, Esq. - Personal Name
NONE
Management
English
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