Professional liability insurance rates set to rise in 2023

Researcher aims to boost confidence in cross-laminated timber for tall buildings

The use of timber in construction is on the rise, with cross-laminated timber (CLT) being a popular sustainable option due to its lower carbon footprint and renewable resource.

However, some designers of larger buildings are hesitant to adopt CLT due to concerns around structural integrity and properties.

Ying Hei Chui, a specialist in mass timber construction at the University of Alberta, is leading research to provide designers with the necessary information to use CLT with confidence, ultimately driving adoption. The research aims to evaluate the performance of CLT in tall buildings, where forces exerted between materials are much higher.

While using wood may require more fasteners than concrete and steel, prefabricated wood panels can be assembled in the factory, providing a much faster process and quicker return on investment. By supplying designers with more knowledge about the properties of CLT and the forces exerted between components, Chui hopes to encourage more sustainable building practices using timber.

Architects and engineers liability insurance rates set to rise in 2023

Insurers of professional liability for architects and engineers in the U.S. are planning to increase rates in 2023 due to rising claims costs, worker shortages, and supply chain disruptions. A recent survey from Ames & Gough shows that 15 of 16 insurers are planning to increase rates, with about half of them looking for increases up to 5% and the others seeking increases of 6% or more.

High-risk projects and disciplines such as condominiums, schools, structural engineering, and geotechnical engineering are likely to be targeted. Claim severity in 2022 increased for 75% of insurers, with 88% citing social inflation as a major factor.

Insurers are dealing with emboldened plaintiff attorneys, claimants unwilling to negotiate settlements, "nuclear" jury verdicts, and escalating settlements in indemnity and defence expenses. Many insurers also reported paying multimillion-dollar claims in 2022, including incidents with bodily injury, environmental impacts, or significant structural issues that led to severe project delays and substantial cost overruns.

It is concerning to see that insurers are planning to increase rates due to rising claims costs, especially for high-risk projects and disciplines. As construction projects become increasingly complex, it is essential to have sound risk management practices in place to prevent claims and mitigate potential losses.?

The reported increase in social inflation is also an alarming trend that needs to be addressed by the industry. Architects and engineers should take proactive steps to reduce their risk exposure, including careful selection and management of sub-consultants, effective quality control measures, a thorough review of contracts, and proper contractual risk allocation.

It is crucial to maintain a strong focus on risk management to avoid significant financial losses and to ensure that the industry remains sustainable in the long term.

Eddy Solutions saves the day at CityLights

If you're looking for a luxurious and modern living experience in the heart of Toronto, look no further than CityLights on Broadway by Pemberton Group. Residents can enjoy resort-style living every day with stunning views of the city skyline and access to the Broadway Club, complete with a fitness studio, dining room, and outdoor lounge.

But luxury living isn't just about the amenities - it's also about the peace of mind that comes with knowing your home is protected. That's where Eddy Solutions comes in. Their state-of-the-art water management system recently prevented a water leak from causing significant disruptions and financial losses at CityLights South Tower. By detecting an abnormal water flow and using their remote shut-off system to isolate the leak, Eddy Solutions helped minimize damage and inconvenience for the building's occupants.

With Eddy Solutions' proactive approach to water management, you can ensure the safety and protection of your building and its occupants. Click the link to learn more about how Eddy works to protect CityLights.

Hilarious ad campaign for Autodesk on Oscar night

On Oscar night, Maximum Effort, the creative agency of Ryan Reynolds, unveiled a humorous ad campaign to showcase Autodesk, a leading design and make software provider used by Hollywood's top creatives and innovators. The ads centers around Otto Des?, a fictional Hollywood legend and icon, who receives an award for his groundbreaking contributions to the entertainment industry. The campaign is a playful nod to Autodesk's role as a secret weapon behind the scenes of Hollywood's biggest productions as well as architects and engineers.

To watch the ad, follow the link here.?