New sustainable energy products using new and emerging technology make it difficult for insurance carriers to assess risk on green building projects.
Unlike on projects using standard materials, underwriters cannot look to many years of rigorous testing to see how products perform. This makes it hard to assess risk and offer policies on projects that use advanced features such as vegetative roofs, mass timber, or advanced solar panel technology.
New technology, materials, and construction methods can bring unforeseen risks, insurance executives say. Many green buildings have novel designs compared with those using conventional construction where much has been done the same way for years and the risks are well known.
Business interruptions caused by material damage in green building construction have generated costly and complex claims. These claims concern both the expense of replacing the damaged material and the amount of time it takes to replace it, especially given current supply chain difficulties.
Related Stories
Codes and Standards | Jan 31, 2018
California is the first state to phase out incandescent light bulbs
In two years, the rest of the U.S. will follow suit.
Codes and Standards | Jan 31, 2018
Automated tool assists in design of force transfer around openings
Engineered Wood Assn. offers free calculator and technical note.
Codes and Standards | Jan 31, 2018
First large-scale use of perovskite solar cells in office building slated for Poland this year
Skanska will integrate the technology into building facades.
Codes and Standards | Jan 29, 2018
Advanced Energy Design Guide for K-12 Schools to achieve zero energy
Publication is joint effort by ASHRAE, AIA, IES, and USGBC.
Codes and Standards | Jan 26, 2018
Flying drones while inebriated now illegal in New Jersey
Violators could be sentenced to six months in jail.
Codes and Standards | Jan 25, 2018
OSHA penalties for violations increase
Fines adjusted for inflation in the New Year.
Codes and Standards | Jan 23, 2018
Disaster mitigation strategies that exceed code could save billions
Four dollars saved for every dollar spent, says NIBS report.
Codes and Standards | Jan 19, 2018
U.S. construction fatalities rose 6% in 2016
Falls accounted for 39% of deadly accidents.
Codes and Standards | Jan 18, 2018
Record storm surge in Boston prompts renewed calls for flood mitigation infrastructure
Newer buildings constructed in flood zone fared well.
Codes and Standards | Jan 17, 2018
Green Building Initiative acquires global rights to Green Globes from JLL
Transaction allows GBI to expand operations to Canada and elsewhere.