A new GIRI guide, aimed at bringing the construction and insurance industries together, has highlighted insurers’ risk management advice to help reduce the cost of error in construction
Launched by the Get It Right Initiative (GIRI), the publication is intended to be used as a good practice guide to insurers’ risk management throughout the life of a construction project.
The GIRI guide outlines the considerations that influence how insurers assess the risk profile of a project from concept to end of life. It then sets out the steps that can be taken to reduce these risks.
Why was the GIRI guide created?
Created by Kennedys partner Paul Lowe, a member of the Get It Right Initiative’s strategic leadership group, the GIRI insurance guide intends to boost collaboration between the insurance and construction sectors.
The publication provides construction insurers with risk management guidance, explaining the specific risks that may arise, how insurers expect these to be managed, and the assistance the project teams can call on them to provide.
Lowe explained: “One of our key ambitions with the guide is to highlight how greater collaboration with insurers can help reduce the cost of error in construction.
“The guide sets out some practical steps, which we hope will lead to a more effective construction sector.”
The publication of the guide offers a sense check enabling construction companies to gain an understanding of the impact of their actions, processes, and behaviours on the risk profile of a project.
It comes at a crucial time when the number of insurers offering cover to construction companies is critically low.
About the new guide
The 20-page GIRI guide has six main chapters – five covering risks during specific stages in the RIBA plan of work and the sixth focusing on environmental, social, and corporate governance.
Aimed at de-mystifying insurers’ risk management, cover, and claims in the construction sector, the guide is written in non-technical language and with a helpful glossary.
The GIRI guide has been endorsed by the International Underwriting Association and can be downloaded for free from the GIRI website.
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