Modular Construction – Underwriting and Risk Management Review - Past Webinar-Modular Construction

Video Transcription

Video Summary

The Modulo Construction Underwriting and Risk Management Review highlights the advancements in modular construction, hosted by the Inland Marine Underwriters Association (IMUA). Emily Willis, an Associate Underwriting Manager at Markel Specialty, moderated the session, featuring presentations from experts John Clark and Joseph Macelli. Discussion points included the history of modular construction, its pros and cons, and contemporary practices.<br /><br />Modular construction is gaining popularity due to increased efficiency, better quality control, and reduced construction time, which is between 5 to 6 months, compared to traditional methods that can take much longer. An interesting fact noted was that 84% of new homes in Sweden are modular, while only 5% in the U.S. use this method. The presentation touched on techniques and innovations like CAD software, 3D printing, and better construction cranes that enable complex designs and taller structures.<br /><br />The review emphasized underwriting considerations, such as project location, transportation logistics, construction type, and financial interests. Modular's main risk factors discussed include transportation, manufacturing defects, and theft. Rating strategies for modular projects were outlined, highlighting the importance of balancing cost with swift assembly times.<br /><br />Risk management was covered by Joseph Macelli, who stressed the importance of vetting contractors and the role of modular construction in reducing fall-related injuries. The public protection classification (PPC) systems and their impact on underwriting decisions were elaborated.<br /><br />The webinar included live polls and audience engagement, revealing concerns about water damage as a primary modular construction claim. IMUA invited feedback through QR-coded surveys to improve future educational programs.

Asset Caption

An engaging presentation on the rise of modular construction, exploring the factors driving its growth, along with real-world examples. The session covers key challenges, including transportation risks, customization limitations, and supply chain issues. Speakers also address underwriting concerns and review risk management strategies, such as vetting general contractor experience, conducting jobsite pre-surveys, and implementing jobsite controls. The webinar features a moderated Q&A session led by Emily Willis.

Presented by:

John Clarke
Inland Marine Segment Manager - Northeast Region & New Jersey
Selective Insurance Company of America

Joseph Maselli CFPS
Risk Management Technical Specialist - Northeast Region
Selective Insurance Company of America

Emily Willis
Associate Underwriting Manager - Inland Marine
Markel Specialty

Keywords

modular construction

Inland Marine Underwriters Association

Emily Willis

John Clark

Joseph Macelli

efficiency

quality control

underwriting considerations

risk management

3D printing

public protection classification

transportation logistics