Playbook Helps Developers Make Their Mass Timber Buildings More Insurable, Provides Framework for Communication With Insurers
WASHINGTON, DC / ACCESSWIRE / November 14, 2024 / With today's release of the Mass Timber Insurance Playbook - U.S. Edition, developers, design/construction professionals, and insurers in the United States 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. Published by WoodWorks - Wood Products Council, 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).
Kaiser+Path, Cantena Consulting Engineers (photo credit: Marcus Kauffman)
Mass timber's strength, inherent fire resistance, and other performance capabilities allow it to be used in buildings up to 18 stories in many U.S. jurisdictions, and it is becoming more mainstream across the country. However, these materials do not yet have a history of loss data that allows insurers to accurately assess risk. The Mass Timber Insurance Playbook - U.S. Edition is intended to support both project teams seeking insurance in the U.S. and the insurance industry as it develops knowledge and data in this space.
"Adapting the Mass Timber Insurance Playbook is part of WoodWorks' commitment to helping address challenges related to innovative wood buildings in the U.S.," said WoodWorks President and CEO Jennifer Cover. "Dodge data shows that, in 2023, more than one billion square feet of new construction could have been built using sustainable wood materials by code - and wasn't. This is based on 21,800 non-wood projects in Dodge data. Considered annually, this represents a significant opportunity to reduce the carbon impact of the built environment."
While mass timber buildings are largely the same in the U.S. and Europe, regulations and business practices differ. Mass timber is also relatively new in the U.S. market, and WoodWorks has helped numerous developers and contractors address insurance issues on their projects. While not a guarantee, adhering to the principles in the Playbook should help to achieve the best pricing, terms, and conditions available in the current insurance market.
"Even an experienced project team will do well to engineer risk out of mass timber structures and be prepared to communicate with insurers on their own terms," said Mike Hastings, President of M.D. Risk Consulting, who WoodWorks engaged to lead the development of the U.S. Edition. "Going forward, establishing the Mass Timber Insurance Playbook as an essential text with worldwide variations will accelerate the learning curve among all parties involved in securing insurance for mass timber projects, in all geographies."
"The UK version of the Playbook has been endorsed by the Association of British Insurers and downloaded over 7,000 times since it first launched in May 2023," said Simon Corbey, CEO of ASBP. "We're delighted that the U.S. version of the Playbook is now available to enable a more collaborative approach between construction teams and insurers, opening the door to more equitable insurance for mass timber buildings."
WoodWorks thanks the individuals and organizations whose experience and commitment helped bring the original Mass Timber Insurance Playbook to fruition and allowed their work to be adapted for the benefit of project teams and insurers in the U.S. This includes co-authors Philip Callow, CEO of Rosetta Risk Management, and Dr. Jim Glockling, who developed the Playbook in partnership with ASBP, and funders Built by Nature, Marsh, and Zurich Resilience Solutions.
Contact Information
Roxane Ward
Communications
media@woodworks.org
SOURCE: WoodWorks - Wood Products Council
View the original press release on newswire.com.
