Guest article by Lucas Hockenberry, Inland Marine – President, Intact Insurance Specialty Solutions; and Molly Miller, Inland Marine – Vice President, Intact Insurance Specialty Solutions
Industry conversations about construction risk usually focus on emerging threats, such as extreme weather events or supply chain volatility. While those factors certainly influence the broader industry, several of the most significant construction claims continue to stem from far more familiar sources.
Across projects and asset classes, the same patterns emerge. Losses are frequently driven by exposures that are well understood yet not consistently addressed early enough in the project lifecycle.
Understanding where these gaps occur and how they translate into claim severity can reduce the overall cost of losses and limit the delays that follow.
Why Preventable Losses Still Occur
Claims show that risk mitigation measures aren’t always incorporated into project planning early enough or at the necessary scale. There’s a