Contract works insurance: water damage risk management
Contractors ‘All Risks’ insurance provides insurance against damage to the works under construction. Historically fire damage and other major losses presented the most concern for insurers. However, water damage losses in construction projects are on the increase and now account for 38% of claims by value & 60% by number. The average water damage claim is £111,000 according to one London market insurer.
Improved risk management could prevent water damage: there are concerns that the availability of insurance is reducing adherence to good practice and risk mitigation.
This webinar covered the challenges and solutions around all risk cover for water damage caused during contracts works, with tangible examples of impact. The focus was on what good practice looks like in terms of risk management from design to preventative measures on site, and it featured client, contractor, designer, insurer, broker and manufacturer perspectives.
Managing Construction Risk
CIRIA launched a new Community of Practice (CoP) on Managing Construction Risk
to bring together practitioners from the construction and insurance sectors with the objective of improving the management of risk and financial performance.
The CoP will help deliver more focused collaboration and enhance knowledge transfer in risk management through a series of network events and integrated resources within one point of reference. Some of the challenges examined within the CoP include professional indemnity insurance (PII), design, contract works and project insurance.