Making projects more insurable
As mass timber construction continues to grow, project teams are facing challenges with the insurability of their projects. Insurance companies are unfamiliar with mass timber buildings and can 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.
An overview of the insurance industry including
- insurance industry history
- what affects premiums
- how risks are analyzed
- how project teams can navigate coverage for mass timber buildings
- 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.
