Meaningful Insight

Contractors commonly enter into subcontracts with the same party concerning numerous, separate projects. These subcontracts sometimes contain “cross-default” provisions, which have significant implications on all outstanding subcontracts. You should know what a cross-default provision is, how to spot one, and how to use one for the benefit of your own business. What is a cross-default …

On May 26, 2022, Senate Bill 2D (“S.B. 2D”) and Senate Bill 4D (“S.B. 4D”) became law. The stated purpose of S.B. 2D is to lower the costs for insurance companies in the hope that rates for homeowners will be lower.  Also, S.B. 2D strengthens an insured’s ability to pursue claims of bad faith against …