Annual Meetings-Builders Risk: Water Damage - Dustin Jones, AVP, Marine Manager, XL Catlin

Pdf Summary

The document discusses the increasing concerns surrounding water damage in construction projects, particularly in builder's risk insurance. Water damage has emerged as a significant risk factor, surpassing fire in terms of both frequency and severity of losses in recent years. The text highlights various instances of water damage incidents resulting from plumbing failures, frozen pipes, and inadequate workmanship, leading to substantial financial losses and project delays.<br /><br />The analysis delves into the implications of water damage on different types of properties like apartments, institutional buildings, offices, and mercantile spaces. It emphasizes the critical role of general contractors (GCs) in managing subcontractors, ensuring quality control, and implementing mitigation measures to prevent water-related losses. The document also touches upon underwriting considerations such as technology utilization, response planning, and mold prevention strategies to address interior water damage exposures effectively.<br /><br />Furthermore, the text stresses the importance of communication, education, and post-loss investigations to understand the root causes of water damage incidents and prevent future occurrences. It advocates for early engagement with risk engineers, subcontractor vetting, and training programs to drive behavioral changes and improve risk management practices in construction projects. Ultimately, the document encourages industry-wide collaboration to share best practices, enhance mitigation efforts, and raise awareness about the impacts of water damage on project timelines and financial outcomes.

Asset Caption

Presented by : Dustin Jones, AVP, Marine Manager, XL Catlin

Keywords

water damage

construction projects

builder's risk insurance

plumbing failures

frozen pipes

workmanship

financial losses

project delays

general contractors

mitigation measures