INSURANCE INSIGHTS FOR THE GLOBAL CONSTRUCTION INDUSTRY
Working globally on both a wholesale and retail basis, the Gallagher Specialty Construction team arranges construction insurance for contractors and owner-controlled programmes across a range of industries including mining, energy, ports and terminals, power, renewables, and transport infrastructure.
Surety Market Update Q1 2024
Given the number of administrations occurring in 2023 in the Construction sector, we are finding that there is a larger requirement for contractors to supply bonds on their projects, giving employers and funders a secure contingency.
Enhancing Safety Standards: The Impact of Wearable Technology in the Construction Industry
Mixed reality technology gained popularity during the pandemic, allowing clients to view progress remotely, minimising delays and costs. Now, its potential for enhancing health and safety measures is gaining traction across the construction industry.
Case Study: Construction Defects
The insurance coverage provided for “defects” and how it applies to claims scenarios is one of the core areas of our business as construction insurance advisors and brokers, and one of the most complex.
The Second Staircase Ruling: Cause for Celebration or Concern?
In December 2022, Michael Gove mandated second staircases for buildings over 30 meters. However, in a surprise move in July 2023, Gove lowered the threshold to 18 meters, surprising the construction industry.
How are carbon reduction targets changing the UK construction sector?
The seismic shift is reverberating through construction, from low carbon materials to new technology, sustainability breakthroughs are occurring with increased regularity across an industry that is primed for transformation.
Surety Market Update Q3 2023
Given the administrations we have seen in the Construction sector in recent months we are finding in the Surety Market that there is a larger requirement for a contractor to supply bonds on their projects. When we look at the reasons behind these companies going into administration, ultimately there is one reason which binds them all – a lack of liquidity. This could be the result of poor risk management, one or two problem contracts, the increased costs of materials and labour, or potentially a combination of all of these which result in a ‘perfect storm’.
Alternative Risk Transfer: Captives in Construction
Obstacles and challenges have beset the construction industry in recent years. Post-pandemic supply chain issues have rumbled on, with the Ukraine-Russia war fuelling the cost-of-living and energy crises, which in turn ushered in a global inflation problem. This backdrop of rising costs can lead to cost-cutting and exacerbate the risk exposure within any construction project.
Joint Venture insurance considerations for international contractors
This article looks into those challenges from the perspective of International Contractors who engage in creating and forming JVs for strategic business aims.
MMC: Understanding the differences between construction and property insurance
Gallagher Specialty's Sam Hiller joins independent construction and property consultancy Gardiner & Theobald to talk about MMC insurance
Bioenergy growth is inevitable – opportunities abound but tread carefully
In a world where supply security is an ever-growing concern, the reliance on creating a diverse pool reliable of energy solutions is increasing. Can the generation of clean energy and carbon-neutral gas from organic matter be considered a suitable option?
JCOP: 9th vs 10th Edition
Our experts give their analysis on the 10th Edition of the The Joint Code of Practice on the Protection from Fire of Construction Sites and Buildings Undergoing Renovation (JCOP) which was released by the Fire Protection Association in September 2022.
Global Infrastructure Investment Survey
As the world emerges from the pandemic, infrastructure investment has been identified as a key driver of economic recovery. Find out more in our global survey.
Building Resilience: Real Estate and EIL
Traditionally EIL has been used in single property transactions to insure against potential claims and regulatory liabilities. Increasingly, however, real estate owners and investors are acquiring EIL to cover their operational risks and/or property portfolios.
Sustainable Construction: building the net zero future
Decarbonising the construction industry is essential to meeting net-zero goals. The insurance industry has a key role to play in supporting this transition.
Is Desalination the answer to global water stress?
As the global population climbs, our global resources are put under increasing stress. Could desalination be the solution to global water supply?
Establishing the risk profile of any new technology is never an easy task. The stakes are raised further, however, when the technology is integrally – if controversially – linked to global decarbonization efforts. This is the story of bioenergy with carbon capture and storage.
Making hay while the sun shines?
Solar PV demand is soaring, but a shortage of capacity and skills is challenging the construction industry
The trouble with Energy from Waste
Linking both circular economy and net zero goals, the UK energy-from-waste (EfW) should be vibrant. In reality, heavy losses have seen many contractors leave the market. The industry should consider alternative contract and risk-sharing models to attract them back.
Insurance and legal developments provide welcome insight for fire safety disputes, but jury is still out on who will fund the cladding crisis.
The refurb revolution
Refurbishment offers a range of benefits over new construction. When it comes to insurance, however, it can be a challenge.
Insuring hydrogen from waste
Drawing together the benefits of green hydrogen production and sustainable waste management, is green hydrogen-from-waste the next frontier for bioenergy?
A future built of wood?
The increased use of timber is often-mentioned in discussions around the construction industry building more sustainably. What does the role of engineered or mass timber products such as cross laminated timber (CLT) play?
We know that a business is built on its people, right? What comes out of a business ultimately pays the bills, but that output is created and delivered by our people.
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