2. INSURANCE
Following the Guidebook will not guarantee the availability of any insurance or guarantee the treatment of any particular insurance claim. Rather, following the Guidebook’s principles and recommendations is intended to improve the project’s risk profile in the eyes of an insurance underwriter, and can help to reassure them that it is a more insurable risk. In turn, this is intended to lead to more sustainable terms and premium rates. Whilst the Guidebook is not intended to provide insurers, their loss adjusters and legal advisers with a benchmark against which any claims can be measured, it is possible that it may be consulted for its consensus of contemporaneous good practice. Mass timber is a relatively new construction technology in a complex, regulation-driven industry. The primary risks associated with it are fire and water damage, which can impact safety and cause costly damage. While the insurance industry is still developing experience and data around these risks, efforts by the construction industry to reduce time and cost in mitigating fire and water damage will aid long-term sustainability. This guidance aims to inform ordinary good practice according to the consensual opinions of the authors of the Guidebook. It promotes risk mitigation strategies for future mass timber construction, reinforcing the essential role of insurance in supporting innovation and sustainability.
FOCUS
This chapter discusses the relatively recent adoption of mass timber in UK construction and the associated risks, particularly fire and water. It also summarises the insurance industry’s current position on the use of mass timber in the UK.
KEY THEMES
The insurance industry currently has insufficient access to loss data and technical development dialogues. This restricts the availability of and impacts the cost of insurance for mass timber buildings in the UK.
Following the Guidebook’s principles and recommendations is intended to improve the project’s risk profile in the eyes of an insurance underwriter and help to assure them that it is a more insurable risk.
The insurance industry wishes to support the UK construction sector in the use of mass timber and encourage continuing dialogue to mutual benefit.
CONCLUSIONS
The insurance industry encourages more collaboration between contractors, designers and insurers to share knowledge, data and experience.
The insurance industry welcomes all initiatives that help to increase adoption of ordinary good practice in the use of mass timber.
INSURANCE
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