David Bowcott: The Internet of Things, construction risk and insurance: A transformational combination
1/11/2021 – 09:17
“When risks manifest on the construction project there are four balance sheets that are most often affected: the contractor’s balance sheet, the insurer’s balance sheet, the design firm’s balance sheet and in some cases, the owner’s balance sheet. The pain inflicted upon the finances of these three entities is often done so in painful isolated silence. The contractor tallies up its impact from the loss, and then the insurer, then the design firm and then the owner.
Very rarely do these four entities sit back and combine their respective losses due to risk in order to try to figure out what happened and how it could be better managed in the future. If there were better communication around risk before, during and after the construction project has been executed, one would think that the ability to reduce material risk impacts would be reduced.”