Bruce Wick: Challenges facing the Construction Industry

Bruce Wick is the Director of Risk Management for the California Professional Association for Special Contrators(CALPAS). He represents his member’s position on statue laws and all sorts of litigation and arbitration proceedings. He stresses that new insurance laws will start to have an impact on the construction industry very soon. Contractors and sub contractor cases that are in litigation due to a defect and lack of insurance by one party will start to become impacted.

These impacted cases will have huge ramifications for the parties involved. A lot of the trade contractor companies can soon be out of business. This is because both parties involved in the lawsuit are posturing and playing the waiting game. They’re essentially misleading the other party with false information or not taking a serious approach to solving the problem. These contractors will lose tons of money and valuable time that could have been spent on other profitable measures. To help these parties out, here a list of helpful things for these parties to do to get out of litigation and settle the dispute.

  • Find the best attorneys to solve the problem. It will add to the cost in the short run, but it will save money in the long run.
  • Use innovative practices to get out of litigation. This will minimize damage down the road.
  • Settle the dispute quickly. It might not be the best possible outcome but it will save tons of money and time

Insurers had spent 5 to 8 times as much on repairs and trial lawsuits last year. Using these tips and other creative practices will help to reduce those times in half if not by more. The time saved by these companies in litigation can result in more profit through new business ventures instead of aggravated and irritated. With trade contractors hurting during downward economic times they are going to be losing business if they don’t renew their business strategy and be more creative and open to new ideas. Companies will have to be more participative and innovative rather than being stuck in their old ways.

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