Defending Contractors: Who Is On Their Side?
When a contractor begins a commercial or residential job, they do not think about all that could go wrong in their project. From natural causes, such as Hurricane Harvey, to insurance claims, anything could, unfortunately, happen against the construction worker. Luckily, there are lawyers for construction companies. A construction attorney specializes in insurance claims against construction workers and with insurance claims made in the event that a natural disaster occurs. Commercial real estate law helps defend those construction workers in need when they need it most.
Why Is Having A Construction Attorney Important?
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. In addition, ISO’s Builders Risk Coverage Form, CP 00 20, is the basic avenue to builders risk coverage in the simplified language commercial property program. This risk coverage insurance may not be easily understood by the construction worker, so the worker must know when to hire a business litigation attorney if need be. 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. A construction attorney is the eyes and ears for the construction worker. A construction worker may not know that per Texas law, a breach of contract claim must be filed within four years, unless the contract specifies two years. In addition, 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.
The Cost of Construction Accidents
In 2016, the U.S. construction market was worth approximately $1,162 billion. As a billion dollar industry, there are construction attorney’s, lawyers, and a multitude of legal individuals ready to take on, defend, and litigate your case. 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. Having commercial real estate insurance and a construction attorney just makes financial sense.