3rd-Party Payments Can Satisfy Self-Insured Retention
March 25, 2014, 1:14 PM EDT
Law360, New York (March 25, 2014, 1:14 PM EDT) -- In Intervest Construction of Jax Inc. v. General Fidelity Insurance Co., __So.3d__, (Fla. Feb. 6, 2014), the Florida Supreme Court ruled that third-party payments by a subcontractor to the contractor could be used to satisfy the contractor’s self-insured retention (SIR). Like many other jurisdictions, Florida had no controlling law that addressed this issue.
ICI Homes Inc. (the contractor) contracted with Custom Cutting Inc. (the subcontractor) to install attic stairs in a residence ICI was building. The contract required CCI to indemnify ICI for any damages...