In many ways, we are blessed with today’s buildings and engineering marvels. We often don’t think of the challenges involved in building these structures, or the maintenance and upkeep needed to keep them safe and secure.Risk ManagementUnderwriting
When buildings collapse, as the Champlain Towers South condominium in Surfside, Florida, did in June, it only reminds us of the continued need to make sure we do everything we can to maintain structural integrity throughout the building’s use.
These horrible accidents show just how much risk comes with the construction and maintenance of large structures.
When collapses do happen, they challenge us to understand what happened and make sure that buildings constructed at the same time or by the same developer or builder are not also at risk.
The implications for insurers are significant. Questions are raised and answers are sought. As an industry, insurance looks for the appropriate response, and also for solutions.