This paper is intended for developers and owners seeking to purchase insurance for mass timber buildings, for design/construction teams looking to make their designs and installation processes more insurable, and for insurance industry professionals looking to alleviate their concerns about safety and performance.
For developers, owners and design/construction teams, it provides an overview of the insurance industry, including its history, what affects premiums, how risks are analyzed, and how project teams can navigate coverage for mass timber buildings. Insurance in general can seem like a mystery—what determines premium fluctuations, impacts of a strong vs. weak economy, and the varying roles of brokers, agents and underwriters. This paper will explain all of those aspects, focusing on the unique considerations of mass timber projects and steps that can be taken to make these buildings more insurable.
For insurance brokers, underwriters and others in the industry, this paper provides an introduction to mass timber, including its growing use, code recognition and common project typologies. It also covers available information on fire performance and post-fire remediation, moisture impacts on building longevity, and items to watch for when reviewing specific projects.