Insurance technology solution developed by Munich Re and RIB

rebuild construction replacement insurance technology

The IT based strategy is meant to help to better gauge the risks related to construction projects. Munich Re is combining its experience with risk with the iTWO Technology from RIB in order to develop the first insurance technology in the world that is designed to be used as an IT based product for large construction projects. It is meant to cover unexpected rises in the construction costs of large-scale projects. The two companies have now entered into an insurance technology exclusive agreement that is meant to allow them to…

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Eco-friendly construction increases professional liability risks

Insurers and risk managers are facing all new challenges in developing coverage for errors and omissions (E&O) for eco-friendly construction projects, which are similar, but still quite different from the risks associated with typical construction projects. This has lead to new trends and developments which are affecting purchasers for specialty lines of insurance such as E&O, directors and officers (D&O), cyber risk, employment practices liability, transportation, marine, and surplus. The reason for the difference between “green” and standard construction project risks is in the materials and technologies that are used,…

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