Aviva to insure engineered timber in commercial developments

UK insurer Aviva has broadened its underwriting capabilities to insure engineered timber in commercial developments.

The move comes after the company successfully carried out a pilot with several developers on sustainable building initiatives.

This expansion is part of the insurer’s plan to facilitate building and real estate sectors in reducing their carbon footprint.

By collaborating with contractors, brokers and owners from the design stage itself, Aviva will aid in guaranteeing the buildings’ resilience and repairability. 

The company will deploy its risk management solutions to protect buildings from damage caused by water and fire.

Making risk management a crucial element for the design process can aid in eliminating such risks while permitting a sustainable way to insurance pricing.

Aviva UK & Ireland General Insurance CEO Adam Winslow said: “There are a growing number of developers looking to build more sustainably, both by using sustainable materials like engineered timber, and by adopting modern methods of construction. 

“Aviva wants to embrace both: widening our underwriting appetite to insure commercial buildings using engineered timber, and using our risk management expertise to minimise associated risks.

“Modern methods of construction that focus on resilience and repairability are critical to helping developers balance sustainability commitments with the safety of building users and the communities that they inhabit.”

The company recently entered a deal for the acquisition of Barclays UK’s home insurance portfolio.