Builders Risk: Water Risks & Mitigation-Builders Risk: Water Risks & Mitigation

Video Transcription

Video Summary

The webinar titled "Builder's Risk, Water Risks, and Mitigation," hosted by the Inland Marine Underwriters Association, focused on strategies for managing water-related risks in construction projects. With presenters Ray Stutzke from Chubb's Inland Marine Unit and Chris Till from BRCAI, the session provided an overview of water risk challenges in construction and highlighted the importance of having a formal water damage mitigation plan. Ray emphasized that a key element in managing water exposure is having a contractor-developed, site-specific water mitigation plan, underlining the maxim "fail to plan, plan to fail."<br /><br />Critical discussions included the common sources of water damage—external, internal, and construction-related—and the essential components of a water mitigation strategy such as quality control, quality assurance, and alignment with construction sequencing. Chris Till addressed the role of Internet of Things (IoT) technology in water risk management, stressing the capabilities of IoT to detect, monitor, and mitigate water-related incidents via systems designed to provide real-time alerts, automate responses, and offer insights for long-term risk management.<br /><br />Key takeaways included the necessity for proactive risk management practices, the potential for IoT solutions to significantly reduce water damage incidents and their severity, and the role of insurers in encouraging these practices through incentives like reduced deductibles. The session also highlighted a growing trend toward implementing IoT solutions in the pre-construction phase to better manage risk and control future costs. The integration of IoT technology represents a crucial advancement in preventing costly water damage claims, ensuring better project margin protection, and enhancing overall construction efficiency.

Keywords

Builder's Risk

Water Risks

Mitigation

Inland Marine Underwriters Association

Construction Projects

Water Damage

Mitigation Plan

IoT Technology

Risk Management

Real-time Alerts

Proactive Practices

Insurer Incentives

Project Margin Protection