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The Mass Timber Insurance Playbook, U.S. Edition: A Guide to Insuring Mass Timber Buildings Developers, design/construction professionals, and insurers now have a comprehensive framework for working together to resolve challenges that impact the insurability of mass timber buildings—making it easier for teams to bring more of these projects to fruition. 📘 Download your copy: https://lnkd.in/ez_BVJJ6 The U.S. Edition is adapted from the original Mass Timber Insurance Playbook developed by insurance and building resilience specialists in the United Kingdom in partnership with the Alliance for Sustainable Building Products (ASBP). Co-authored by Philip Callow and Jim Glockling, adapted for the United States by Michael Hastings in collaboration with WoodWorks. Thank you to the many companies who participated in developing this resource: Alliance for Sustainable Building Products Built by Nature Glockling Consulting Marsh Neutral Rosetta Risk Management Zurich Commercial Insurance Learn more about The Mass Timber Insurance Playbook, U.S. Edition: https://lnkd.in/ez_BVJJ6

*WHO'S YOUR BACK-UP IN BUSINESS?* In this article, you will see that having a strong insurance company as your back-up in business is like a house built upon a solid foundation, that when the storm came it could'nt wash it away because it had a solid foundation. Let us examine the case of Engr. Ebiye a politician and big time contractor from Port-Harcourt, Rivers State. Engr. Ebiye was awarded a lucrative construction contract to build a state-of-the-art commercial complex in the heart of Port-Harcourt city. His company commenced the work and worked tirelessly to meet the project's deadline as the client was eagerly awaiting the completion of the new amenities for commissioning. However, a long-standing politically related community clash escalated, and vandals targeted this building project, damaging the building, equipment, and machinery beyond recognition. The destruction was devastating, and Engr. Ebiye was heartbroken. But the grace he had was, that he had a safety net - our Contractors' All-Risk insurance policy. Immediately this occurred, Engr. Ebiye notified our company of what has happened; and as his trusted insurance agent, he confided in me to guide him through the claims process. I sprang into action as usual, guiding him through the process. Our insurance company promptly assessed the damage and provided an immediate payout, enabling Engr. Ebiye's construction company to: - Rebuild the damaged structure - Replace the lost materials and equipment - Get back on track with the project, minimizing delays and lost revenue. With Consolidated Hallmark Insurance (CHI) Contractors' All-Risk policy, Engr. Ebiye's business had a solid backup. For as low as 1%, you can get CHI Contractors-All-Risk Insurance Cover. Engr. Dami "was prepared" for the unexpected. Who is your backup? For your insurance needs and enquiries, please call directly or chat on WhatsApp - 08100300076; 07034409013 100% Assure with Consolidated Hallmark Insurance Peter U. Erumeru (LBC) #marine #aviation #vessel #import #management #construction #engineering

According to Gaglione, builder insurance is up to six times pricier for mass timber construction compared to the usual properties made of steel and concrete. Additionally, single insurers normally have a $20 million limit, prompting the need for multiple providers to insure one project. ConstructConnect quoted Gaglione: “It removes all of the bid tendering and drives the price up even further.” Much of the problem stems from a lack of familiarity in Canada and the US, with insurance companies “reluctant” to provide cover for mass timber buildings. https://lnkd.in/g-9VjPe6

Mass timber projects have sometimes faced difficulty securing insurance. The Mass Timber Insurance Playbook enables a collaborative approach between construction teams and insurers, opening the door to more equitable insurance for mass timber buildings. #contech #UK #CLT #masstimber #aecbusiness https://lnkd.in/era7AB6H

Navigating the insurance landscape for mass timber construction presents challenges. Despite proven benefits—rapid construction, eco-friendliness, and aesthetic appeal—insurance premiums can be 5-7 times higher than conventional structures. Key concerns include risk evaluation, fire safety, moisture protection, and understanding repair costs. Builders and insurers must collaborate to bridge this knowledge gap. Another great post from David Green, MBA, CIP Zurich Canada, AIG, Northbridge Insurance, QBE North America, Aviva Canada, Liberty Mutual InsuranceIntact #Insurance #MassTimber #ConstructionChallenges

🔥 As Timber Rises, So Does the Challenge for Global Insurance! 🏗️The construction landscape is undergoing a timber transformation, with the rise of mass timber buildings heralding a new era in sustainable development. However, this shift brings risks that the global insurance sector is now addressing. As mass timber becomes increasingly popular for its environmental benefits and efficiency, Allianz, a leading insurer, is at the forefront, pioneering specialized policies designed to underwrite these innovative structures. 🔍 Key Insights: 1️⃣ Fire and Natural Disasters: Despite the benefits of mass timber, concerns around fire risk and vulnerability to natural disasters remain paramount. The insurance industry is adapting, drawing on research like the TallWood experiment and the Canadian Wood Council's fire test program to understand better and mitigate these risks. 2️⃣ Managing New Scenarios: The Allianz report underscores the necessity of navigating the new scenarios mass timber introduces. Understanding these risks is crucial for sustainable deployment, from potential defects to unexpected safety consequences. 3️⃣ Insurance Premium Challenges: The journey towards widespread adoption of mass timber is not without its hurdles. Historically, the uncertainty surrounding timber construction has led to insurance premiums being quoted up to 800% higher than those for traditional materials, a barrier the industry is now working to overcome. 🗣️ #questionforgroup: As the construction sector embraces mass timber, what role should insurers play in facilitating this transition? How can we balance pursuing sustainable building methods with their practical challenges? 🔗 For a deeper exploration of how global insurance is adapting to the challenges and opportunities presented by the rise of mass timber buildings, delve into the full story here: https://lnkd.in/g_3siZDr #masstimber #sustainability #masstimberconstruction #timber #woodcentral #woodcentralau1 #construction #arcbitecture #architectureanddesign #supplychain #wood #allianz #insurance #finance #engineering #theultimaterenewable #woodsolutions #insurance #fire #riskmanagement #naturedisasters 

This is an important and urgent area in the construction insurance space given the rapid adoption and implementation of usage. After years of testing and performance data of Mass Timber now on the books, I’d suggest most insurers need to play catch up here. Data is king and navigating insurers that have a grasp of performance of Mass Timber product is key.

Curious about insuring mass timber? Take a look at our sponsored article with Business in Vancouver providing critical insights for insurers and builders regarding mass timber buildings. BIV News #MassTimber #Insurance #Construction #BuildingWithWood

Building a Strong Future with Specialised Construction Insurance  In the construction industry, every project comes with its unique set of challenges and risks. That's why having the right insurance is crucial to safeguard your business and ensure its long-term success. At Berkley, we understand the intricacies of construction projects and offer tailored insurance solutions to meet your specific needs. Our specialised construction insurance covers: 1.) General Liability  2.) Builder's Risk   3.) Workers' Compensation   4.) Equipment Coverage   5.) Defective Design Protect your business from unforeseen setbacks and build with confidence.  Let's construct a safer tomorrow together! Reach out to us today to learn more about how our specialised insurance can fortify your construction endeavours. #ConstructionInsurance #RiskManagement #Builders #SafetyFirst #InsuranceSolutions #BerkleyRisk

🔥 As Timber Rises, So Does the Challenge for Global Insurance! 🏗️The construction landscape is undergoing a timber transformation, with the rise of mass timber buildings heralding a new era in sustainable development. However, this shift brings risks that the global insurance sector is now addressing. As mass timber becomes increasingly popular for its environmental benefits and efficiency, Allianz, a leading insurer, is at the forefront, pioneering specialized policies designed to underwrite these innovative structures. 🔍 Key Insights: 1️⃣ Fire and Natural Disasters: Despite the benefits of mass timber, concerns around fire risk and vulnerability to natural disasters remain paramount. The insurance industry is adapting, drawing on research like the TallWood experiment and the Canadian Wood Council's fire test program to understand better and mitigate these risks. 2️⃣ Managing New Scenarios: The Allianz report underscores the necessity of navigating the new scenarios mass timber introduces. Understanding these risks is crucial for sustainable deployment, from potential defects to unexpected safety consequences. 3️⃣ Insurance Premium Challenges: The journey towards widespread adoption of mass timber is not without its hurdles. Historically, the uncertainty surrounding timber construction has led to insurance premiums being quoted up to 800% higher than those for traditional materials, a barrier the industry is now working to overcome. 🗣️ #questionforgroup: As the construction sector embraces mass timber, what role should insurers play in facilitating this transition? How can we balance pursuing sustainable building methods with their practical challenges? 🔗 For a deeper exploration of how global insurance is adapting to the challenges and opportunities presented by the rise of mass timber buildings, delve into the full story here: https://lnkd.in/g_3siZDr #masstimber #sustainability #masstimberconstruction #timber #woodcentral #woodcentralau1 #construction #arcbitecture #architectureanddesign #supplychain #wood #allianz #insurance #finance #engineering #theultimaterenewable #woodsolutions #insurance #fire #riskmanagement #naturedisasters