Nevada AB505 revises laws on constructional defects, including mediation, insurance, and damages.

Nevada AB505 amends Nevada Revised Statutes to revise provisions relating to constructional defects. The bill requires contractors, subcontractors, suppliers, and design professionals to maintain insurance covering liability for constructional defects and to present claims to their insurers. It mandates mediation before a claimant can commence an action for a constructional defect, unless mediation is waived. The bill also revises the damages a claimant can recover, including the cost of repairs, reduction in market value, loss of use, and other related expenses.

Nevada AB505 revises laws on constructional defects, including mediation, insurance, and damages.

Nevada AB505 amends Nevada Revised Statutes to revise provisions relating to constructional defects. The bill requires contractors, subcontractors, suppliers, and design professionals to maintain insurance covering liability for constructional defects and to present claims to their insurers. It mandates mediation before a claimant can commence an action for a constructional defect, unless mediation is waived. The bill also revises the damages a claimant can recover, including the cost of repairs, reduction in market value, loss of use, and other related expenses.