A collaboration between property developers, insurers, and technical experts has led to the launch of the UK’s first Commercial Timber Guidebook.
The Guidebook aims to promote the use of structural timber in office construction by demonstrating both its technical viability and its insurability.
Captives are frequently being utilised to write risks related to sustainability and reducing emissions, and their use will continue to increase as more companies look to enhance their ESG strategies.
The initiative is spearheaded by Elliott Wood, Waugh Thistleton Architects and OFR Consultants, working with insurance consultants Lignum Risk Partners to engage the wider sector.
“The captive and ART market is a natural home for social sustainability pioneers, and we expect to see increased use of captives to incubate the new exposures that come from their ground-breaking research and development to combat the effects of climate change,” said Oliver Schofield, partner at Lignum Risk Partners and managing partner at RISCS CWC.
The project team worked directly with architects, developers, and engineers to create a consensus of good practice on how to incorporate structural timber into new office buildings
Commercial buildings make up 16% of all new UK buildings, according to the Office for National Statistics.
The project was kickstarted with a €200,000 grant from the Built by Nature network, and attracted co-funding and support from developers Stanhope PLC, British Land, Lendlease, Related Argent, Derwent London, Landsec, MUSE, Berkeley Estate Asset Management (BEAM) and Great Portland Estates.
“This Guidebook is a very significant demonstration of the collaboration that is emerging across the industry, with major developers, designers and insurers coming together to overcome the perceived barriers to using low-carbon timber and natural construction materials in large-scale commercial projects,” said Paul King, CEO of Built by Nature.