Kate Sabine
Real Estate Placement Leader
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United Kingdom
In the fifth episode of our podcast series The Rise of Mass Timber, Kate Sabine, Placement Leader for Real Estate for Marsh Specialty, and James Bell, Property Investors Trading Manager for Aviva, discuss how a real estate insurer might view a mass timber risk when a property completes and becomes operational.
At that time, the construction insurance policy (often purchased by the main contractor) transitions over to an operational policy, brokered for the developer by a real estate team.
Mass timber is becoming an increasingly popular option for UK developers, replacing traditional materials such as steel, and helping developers to honour their sustainability and net-zero commitments.
Widely popular in Europe, mass timber is a less well-known material in the UK and is regarded by many construction and real estate insurers as an unproven material.
Its risks are less well-known, as are mitigations, and an increase in insurance costs could result when mass timber is used in UK construction projects.
In this episode, our panelists explore the value of engaging with a real estate insurance broker at the design stage — before the project has even broken ground.
James explains how the government pathway to increasing timber in developments has shown that mass timber technology isn't fully understood. He emphasises that much more research and data are needed in order to understand the performance of mass timber.
He underscores that a well-resolved fire strategy is key, as is how water damage is managed throughout the construction process. He adds that insurers also want to be reassured of the competence of the contractors and their experience in working with mass timber.
Listen to this episode for more insights on the information required by real estate insurers — and how better-value policies can be obtained.
Real Estate Placement Leader
United Kingdom