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Committee advances study directive to insurance commissioner on lowering condo construction-defect liability costs
Summary
The committee recommended Second Substitute House Bill 1516, which directs the Office of the Insurance Commissioner to study insurance and liability options to reduce condominium construction-defect costs for permanently affordable homeownership units and report back to the Legislature by December 2026.
The Washington State Senate Business, Financial Services & Trade Committee voted March 26 to give Second Substitute House Bill 1516 a due-pass recommendation and send it to the rules committee.
Committee staff, John Kim, summarized the bill as requiring the Office of the Insurance Commissioner to study options for developers of…
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