The Mass Timber Insurance Playbook – U.S. Edition
Summary
The Mass Timber Insurance Playbook – U.S. Edition provides a comprehensive guide for insuring mass timber buildings. It is tailored for owners, insurers, builders, and project participants in the United States to address unique challenges associated with mass timber’s risk profile, including fire, water, and structural concerns. The document emphasises collaboration, proactive risk management, and early engagement with insurers to improve insurability, reduce premiums, and foster the widespread adoption of mass timber in construction.
Key Takeaways
- Risk Identification: Effective risk management begins with identifying and addressing fire, water, and structural risks through design, planning, and operational measures.
- Collaboration: Early engagement with insurers, brokers, and project stakeholders improves insurance terms and enhances loss control.
- Holistic Risk Management: Strategies such as compartmentalisation, moisture control, and quality assurance are vital for ensuring building resilience and repairability.
How It Can Help You
This playbook is a valuable resource for construction professionals, insurers, and developers who are:
- Navigating the complexities of insuring mass timber projects.
- Seeking strategies to reduce insurance costs while meeting resilience goals.
- Interested in aligning construction practices with sustainability and risk mitigation requirements.
Key Learnings
- Fire and Water Mitigation: Proper systems for fire containment and water management are critical for insurability and reducing potential loss.
- Risk Mapping and Management: Understanding the unique risk factors of mass timber and addressing them through proactive planning is key to securing favorable insurance terms.
- Insurer Engagement: Early collaboration with insurers ensures alignment on risk mitigation strategies and facilitates better coverage terms.
