TABLEOF CONTENTS
As President of the Home Builders Association of South Carolina (HBASC), I am reaching out to you with an urgent call to action regarding a critical issue that is significantly impacting our industry?tort reform in South Carolina.
On September 19, 2024, the Insurance Study Committee, which includes key lawmakers and legal experts, convened to address the escalating challenges within South Carolina's insurance market. This committee, composed of Senators Brad Hutto (D-Orangeburg), Shane Massey (R-Edgefield), Ross Turner (R-Greenville), Representatives Roger Kirby (D-Florence), Micah Caskey (R-Lexington), William Bailey (R-Horry), and Governor-appointed attorneys Charlie Condon, Rob Tyson, and Lee Jedziniak, discussed the pressing need for insurance reform?a need that is particularly urgent for our construction industry.
During this meeting, Director Michael Wise of the Department of Insurance presented alarming data that clearly illustrates the detrimental impact of our current legal environment on the construction sector:
Homeowners Insurance: South Carolina?s market, with $2.8 billion in premiums, has grown by 80%over the past decade. Yet, this growth is overshadowed by rising reinsurance costs, inflation, and increased property values?factors that are driving up premiums to unsustainable levels. More concerning is the fact that these rising costs are pricing many potential homeowners out of the market. Families that once dreamed of owning a home are finding it increasingly out of reach due to the exorbitant insurance premiums fueled by an overly litigious environment. The need for tort reform is critical to prevent more South Carolinians from being priced out of home ownership.
Personal and Commercial Automobile Insurance: Our industry relies heavily on transportation, yet escalating premiums due to South Carolina's disturbingly high fatality rate per mile driven are being compounded by the rise of nuclear verdicts. These disproportionately large jury awards, often driven by aggressive litigation tactics, are becoming increasingly common in auto accident cases. The result is a dramatic increase in insurance costs, which directly impacts the cost of doing business in our state. These soaring premiums are not only a burden on builders and contractors but also contribute to higher overall costs for construction projects, which ultimately affects the affordability of housing.
Workers' Compensation: While South Carolina?s market has grown by 25.2%, our industry faces the constant threat of litigation that drives up costs. Attorneys, capitalizing on vague or outdated laws, often push for excessive settlements that force insurers to raise premiums, hurting businesses that are already operating on thin margins.
·Liquor Liability Insurance: Although not directly tied to construction, the crisis in liquor liability insurance, with an underwriting loss of -190.4%, highlights a broader trend of aggressive litigation tactics. These tactics are bleeding into other sectors, including construction, and threaten to destabilize the entire insurance market.
These issues are a direct result of an increasingly litigious environment where trial attorneys seek to exploit the system for massive payouts, regardless of the consequences for businesses and consumers. The rise of nuclear verdicts is inflating the cost of doing business, making it harder for our industry to operate and for consumers to afford new homes.
Call to Action: Advocate for Tort Reform
The HBASCbelieves that comprehensive tort reform is not just necessary?it is critical to protecting our industry from the predatory practices of trial attorneys and the devastating impact of nuclear verdicts. We must act now to ensure that South Carolina's construction industry remains viable and competitive. Here?s how you can help:
1.Support Legislative Reforms: Advocate for changes that directly target the root causes of rising insurance costs in construction, including tort reforms that limit excessive litigation and cap punitive damages that are driving up insurance premiums in our industry.
2.Engage with Lawmakers: Contact your local representatives and urge them to prioritize tort reform that protects the construction sector from abusive litigation practices. Your voice is crucial in pushing for laws that will safeguard our industry from unjust legal attacks.
3.Raise Awareness: Educate your colleagues, subcontractors, and clients about the impact of nuclear verdicts and aggressive litigation on construction costs. A well-informed industry is better positioned to demand the necessary legal reforms.
4. Collaborate with Industry Partners: Work closely with other stakeholders in the construction and insurance industries to develop and support solutions that promote a fair and balanced legal environment, ensuring that our industry can thrive without the constant threat of debilitating lawsuits
The need for tort reform in South Carolina?s construction industry is urgent. The current legal environment, fueled by the tactics of aggressive attorneys and the rise of nuclear verdicts, is driving up costs and threatening the viability of our businesses. We must act now to protect our industry, our livelihoods, and the future of affordable housing in South Carolina.
Thank you for your continued support and commitment to the Home Builders Association of South Carolina. Together, we can push for the reforms needed to secure a stable and prosperous future for our industry.
Single Family Starts in Major Markets and Statewide
Convention HighlightsEducation Classes
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Celebration of Excellence
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Charcuterie Board Demo and Wine Tasting
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Convention Highlights
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Horry GeorgetownHomeBuildersAssociationstartedanew ?HGHBA RisingStarsCouncil? tohelppromotestarsintheindustry whoareapart of GenZ generation. Thegoal of this council istohaveamorerelatableagegrouppromotingcareersinconstruction. Thisgroup servesasafocusgroupfor our local buildingindustry. They will bespokespeopleat local schoolsandeventspromotingthetradesaswell asgivinginsight totheassociationintohow toattract moreyoungpeopleintotheindustry. Thiseffort hasbeenwell receivedby HGHBA membersandhasalready exceededour expectationsasfar asnomineessinceitslaunchthis past spring. Wearelookingforwardworkingwiththeseleadersof tomorrow tohelpbuildour future.
Junior Achievement of Georgia(JA)theHomeBuilders Associationof theGreater Aiken-AugustaRegion,the Augusta/CSRA Habitat for Humanity,and theREALTORS® of Greater Augusta(RGA)havepartneredtorepresent the housingindustry,viaacustomized?storefront,?insidetheJA Discovery Center of theCSRA.JA of Georgia,inpartnership withtheColumbiaCounty School District and theRichmond County School System,openedtheJA Discovery Center of theCSRA,locatedat 4395 RiverwatchParkway,onJanuary 9th.
Congratulations! Tiffany Heitzman, the EO of Aiken-Augusta was recognized as Georgia's executive officer of the year. Congratulations! This is well-deserved!
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Elizabeth Bragg, Hurricane Builders
Patrick Bukszar, Hurricane Builders
