INSURANCE INSIGHTS FOR THE GLOBAL CONSTRUCTION INDUSTRY
BUILDING BLOCKS
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.
Latent Defects Insurance and Sustainable Building Practices: Exploring Insurers' Appetite for Eco-Friendly Developments
As the construction industry continues to evolve with a stronger focus on sustainability, the need for comprehensive insurance coverage becomes even more crucial. Following up on the introduction to Latent Defects Insurance (LDI) in the first article of this series, this second article explores how insurers are responding to the growing demand for greener, more sustainable building practices.
EV Charging Installations: Identifying and Managing the Risks
As more and more EVs take to the road, the number of charging stations is also growing apace. While these installations are crucial to support the transition to sustainable transportation, their proliferation brings into play complex risks and hazards.
Supporting Renewable Decommissioning with Surety Bonds
Explore how decommissioning bonds provide financial security for renewable energy companies while preserving cash flow. Learn about the UK surety insurance market’s growing interest in renewable projects and the benefits of surety bonds over traditional bank financing.
Forever Chemicals - Why Construction and Real Estate companies need to be aware
The widespread use of PFAS (perfluoroalkyl and polyfluoroalkyl substances) has led to significant environmental and health risks due to their persistence in nature and resistance to degradation. The construction and real estate sectors face increased liability and financial risks as PFAS contamination disrupts projects and leads to costly litigation.
Renovating Existing Structures: Risk and Insurance Considerations
In the face of growing environmental concerns and the push for sustainability, industries and governments worldwide are advocating a shift in focus to repurposing and refurbishing existing buildings rather than demolishing and rebuilding structures.
Key court rulings highlight challenges of LEG3 defects exclusions
In a very short space of time, the insurance industry has seen two cases of defects claims brought to court in the USA. Both claims involve LEG3 defects exclusions for under-strength concrete and have concluded in favour of the insured, causing significant concerns for insurers.
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.
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.
Building Up Cybersecurity in Construction: Challenges and Solutions
The global construction software market is now worth USD9.6 billion and is expected to grow by 8.5% by 2030 and has become a lucrative target for cybercriminals.
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?
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.
ESG & Real Estate: Where are we now?
ESG is now likely one of the top three priorities for all Gallagher real estate clients and prospects. In other words, it is very much here to stay, but the drive to deliver net zero is not linear, and everyone is moving at different speeds due to disparities in appetite, ability and pressure from stakeholders, most notably investors.
What’s the fuss about build-to-rent?
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