Georgia Construction Company Must Remain Defendant in Wetlands Suit, Court Finds

New You can now listen to Insurance Journal articles! A federal court in Georgia has refused to dismiss a construction company from a lawsuit over wetlands violations, even though the company did not own the property at the time of the alleged dumping of dredge material. The contractor, TowneClub Construction, asked the U.S. District Court … Read more

ED attaches Rs 90-crore assets of road construction firm in bank fraud

Assets worth more than Rs 90 crore of a Hyderabad-based road construction company have been attached under the anti-money laundering law in a case linked to an alleged bank loan fraud, the Enforcement Directorate (ED) said on Saturday. A provisional order was issued on Thursday under the Prevention of … Read more

Markel establishes complex construction team

Markel Corp. said Tuesday it has formed a complex construction team headed up by Vince Colosimo, construction practice leader at the Richmond, Virginia-based insurer. The complex construction team will provide coordinated service to major accounts in the industry, addressing the specialized risks facing construction clients, Markel said. The team is staffed with underwriters as well … Read more

Quantum Computing, Lower Construction Quality, Legal Tech etc.

The global community continues to deal with known challenges such as the pandemic, the war in Ukraine, economic turmoil and failing trust in established social institutions. But a report from Swiss Re reminds re/insurers that there are new emerging risks on the horizon that could materialize. “This year’s emerging risks arise from climate change and … Read more

UK construction groups accused of ‘bid rigging’ in £150mn contracts

Several cartels involving ten construction suppliers conspired to rig bids for contracts worth £150mn and cheat clients including Selfridges and Oxford university, the UK competition regulator has found. On Friday, the Competition and Markets Authority said it had provisionally found that the businesses colluded over contract tenders for demolition and asbestos removal projects. The three-year … Read more

Housing construction is near a 49-year high, but is it enough?

Some housing industry leaders believe a growing construction pipeline will temper an anticipated market cooldown, a view challenged by others pointing to affordability headwinds and siloed or restrictive building practices. Current obstacles include soaring home prices, airtight supply and surging interest rates, issues described in “The State of the Nation’s Housing 2022” annual report this … Read more

Tokio selling US construction division

Tokio Marine Kiln Group Ltd. said Friday it will sell Tokio Marine Highland’s U.S. construction division to Intact Insurance Group USA LLC.  Terms of the transaction expected to close in the second half of 2022 were not disclosed.  Tokio Marine Highland’s construction business provides primary and excess builders risk insurance in the U.S., a Tokio … Read more

JLL closes $65.2 million construction loan for multi-housing property

The project said CrowdStreet managing director Jesse Maas, “taps into a high demand for housing that reflects the changing preferences and needs of Charlotte residents.” Read more: Commercial real estate investors fear inflation despite growth “Charlotte overall has tremendous growth potential,” Maas said. “Phase I of this project already has demonstrated success, and demand appears … Read more

Costs of home construction up 20% from last year

Lumber prices have vacillated recently, but other costs for residential construction materials and related transportation rose in the past month, the National Association of Home Builders noted in a new report. That resulted in a net 1.8% monthly gain in the cost of goods used in residential construction and renovation during May, and represented an … Read more

Ruling goes against risk retention group in construction death

A federal appeals court Tuesday affirmed a lower court ruling against a risk retention group that waited more than two years to seek a ruling disclaiming coverage in a construction worker’s death.  In December 2015, Luis Alberto Pomboza Chicaiza was working on a construction project at a building owned by New York-based Ingrid House LLC … Read more