Limitations of the construction shortcomings rights approved unanimously by the Senate
The Alaska Senate unanimously approves HB 340 Monday. Sponsored by Rep. Kevin Meyer (R-Anchorage), HP 340 places limit damage are attributed to a lack of action on construction of the actual costs of repairing mistakes and other costs associated closely. The limitation on damages does not apply if the construction defect was caused by gross negligence, wilful misconduct or inappropriate by the construction professional. So it is not the case of injury or death.
“HP 340 is an important step in supporting homebuilders and contractors in obtaining affordable and reasonable commercial general liability insurance,” said Meyer. “The more a client pays for insurance, plus the homebuyer pays for a house. The charges are the homebuyer, and this is not the value added tax of origin, increased costs housing. ”
Quote of the press release, since 2001 there has been an increase in the cost of general liability insurance, availability of insurance is declining, and policies that are exposed to limited coverage. There are currently only one health insurance company in Alaska, writes general liability insurance policy on contracts for the construction of viewers and professionals. HP 340, in conjunction with the legislation in the past year, we at obtaining more insurance Carrier in Alaska and the reduction of premiums.
“HB-340 is a necessary measure for insurance companies back to Alaska for the State responsible for the protection of insurance to our clients, and support the continuation of the American dream of owning a house, within the reach of all Alaskans, “said Meyer.
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