Making projects more insurable
As mass timber construction continues to grow, project teams are facing challenges with the insurability of their projects as insurance companies are unfamiliar with mass timber buildings and can therefore be reluctant to provide insurance or to offer cost-effective rates.
This paper by WoodWorks is part of an initiative to address insurance barriers to mass timber projects. The information contained in this report is intended for developers, owners and design/construction teams looking to make their projects more insurable. It provides an overview of the insurance industry, including its history, what affects premiums, how risks are analyzed, and how project teams can navigate coverage for mass timber buildings and steps that can be taken to make these buildings more insurable. For insurance brokers, underwriters and others in the industry, this paper provides information on mass timber features, including safety and performance, trends, code regulations and common project typologies.