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It's Always Risk Management Season in the Construction Industry

For the second time in just nine months, the Ohio Supreme Court issued a major decision affecting project-related risk and exposure for members of Ohio’s construction industry. The first of those decisions – Ohio N. Univ. v. Charles Constr. Servs., Inc., 2018-Ohio-4057, issued in October 2018 – expands contractor and subcontractor exposure to uninsured risks and claims by determining that a subcontractor’s faulty workmanship is not a covered “occurrence” under a typical Commercial General Liability (“CGL”) insurance policy.

More recently, however, in New Riegel Local School District v. Buehrer Group Architecture & Engineering, Inc., 2019-Ohio-2851, the Court issued a decision limiting contractor, subcontractor and design professional exposure to stale claims by clarifying that Ohio’s ten-year statute of repose applies not just to tort claims, but contract claims as well.  This decision is significant because a statute of repose, unlike a statute of limitations, is intended to begin to run at an identifiable time or event and bars any claim that is brought after a specified amount of time. In the context of the construction industry, a statute of repose is important because it provides risk managers certainty and predictability concerning the ability – and inability – of project participants to assert stale claims, which may influence other business decisions such as project close-out and document retention practices.

There are many sources of risk in the construction industry: project risk, contractual risk, occupational risk, financial risk, and the list goes on.  By issuing these two major construction law decisions in less than one year’s time, the Ohio Supreme Court reminds all project participants – owners, design professionals, general contractors, subcontractors, sureties and insurers alike – that it is always the right time to revisit your comprehensive risk management strategies.  While not all risk is avoidable, careful planning and the proper use of resources can allow you to transfer or mitigate certain risks in a way that maximize rewards.  

If you have any questions about this, or other matters affecting your business, do not hesitate to contact Justin M. Alaburda or Justin M. Lovdahl of BMD’s Construction Law Group.

Find out more about BMD, please follow us on LinkedIn:  Brennan, Manna & Diamond

 

 

 

Key Takeaways from BMD’s Banking and Cannabis Webinar

Estimates have shown that the cannabis industry is one of, if not the, fastest growing industries in the United States in recent years, with no sign of slowing. Growth requires capital. Banks need loans, and cannabis companies, which are rapidly becoming bankable need access to lower cost bank lending. While cannabis remains federally illegal, an impediment to access to financial institution credit, banks and credit unions are nevertheless entering the market in increasing numbers.

American Heart Association's 2021 Go Red For Women

The BMD Season of Giving in 2020 was a great way to help out organizations that help others. Continuing community involvement in 2021, we will be looking to the American Heart Association's Go Red for Women campaign. Healthcare and Hospital Law Member and Vice President Amanda Waesch is the Chair of Go Red for Women for the American Heart Association, which is kicking off the 28 days of Heart Health. Show your support on February 5th with “Wear Red and Give” Day. Consider hosting a Jeans Day every Friday in the month of February at your place of business in support of Go Red For Women, even encouraging remote employees to participate. Snap a pic of your team members in their red gear and post on social media (socially distanced in person or a virtual group photo will work, too!) – see the toolkit here for sharing on your favorite social platforms. Click here to learn more and donate to the GRFW Campaign.

COVID-19 Legal Issues Update and Ask Us Anything Webinar Recording

Join Brennan Manna Diamond Employment & Labor law Member Jeffrey Miller and Healthcare & Employment law Partner Bryan Meek on December 10 ET for 'COVID-19 Legal Issues Update and Ask Us Anything' webinar.

Brennan, Manna & Diamond Law Firm Promotes Four Attorneys in Akron and Jacksonville Offices

Brennan Manna Diamond (BMD), a business law firm with eight offices in Ohio, Florida and Arizona, has announced that Adrian Ribovich and Duriya (DD) Dhinojwala have been promoted from partner to Member. Darren Jones and Bryan Meek have also been promoted from associate attorney to Partner.

BMD Recognized as Best Law Firm 2021