Lay of the Land
Major residential condominium construction has seen a decade-plus lull, due in part to an onerous warranty statute applicable only to condos. The Washington State Legislature significantly changed that statute in 2019, and the statute of limitations has now expired on the first condos subject to the new changes.
Insurance professional Aaron Laing, an account executive with Parker, Smith & Feek, joins this episode to discuss the current state of play for condo liability, insurers' thoughts on these projects, and whether the time is right to re-evaluate the potential for condominiums as partial solutions to the housing crisis in Washington.
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