AB505: Revises provisions relating to constructional defects. (BDR 3-1144)

The bill

AN ACT relating to constructional defects; requiring a written response to a notice of a constructional defect to include certain information; requiring a contractor, subcontractor and certain related professionals to maintain a policy of insurance which covers liability for constructional defects; revising provisions relating to certain settlement offers concerning constructional defects; clarifying certain provisions relating to the recovery of damages proximately caused by a constructional defect; revising provisions relating to certain required mediation; revising the definitions of certain terms related to actions resulting from constructional defects; and providing other matters properly relating thereto.