| A hearing on SB5550, sponsored by trial lawyer Senator Brian Weinstein (D-Mercer Island), drew sharp responses from the building industry, Realtors, business groups, architects and the insurance industry. All testified the bill would be a catastrophe for Washington homebuyers and the homebuilding industry.
Warranty companies present at the hearing stated unequivocally that SB 5550 would drive them out of the market. Larry Martin of the Homebuyer’s Warranty Co. warned legislators that, “if SB 5550 moves forward as presently drafted, we will not be able to provide any sort of warranty coverage for builders in Washington.”
Jeffrey Thomas, an attorney with the Contractors Bonding and Insurance Company, noted that SB 5550 had been proposed without any consultation with the insurance industry.
BIAW President Daimon Doyle testified insurance companies are so concerned, they are holding renewal of general liability policies until the end of the legislative session. |
