The Construction Services Group of Aon Risk Solutions has a new web-based tool to help clients navigate the risk challenges of pursuing work in multiple geographies.
The Construction Risk Portal is a single website that currently houses two applications. The first is the Construction Risk Map – a searchable reference library focusing on the macroeconomic view of the construction risk climate across the U.S. The map outlines specific risk issues that contribute to a jurisdiction’s overall construction risk rating, including litigation environments, legislation and insurance requirements.
The second application, the Construction Risk Register, is an interactive module that allows users to create a project/location-specific risk profile based on a limited number of data inputs about the project. The Register produced profile consists of three main components:
- Jurisdictional Issues: State-specific statutes and case law based on construction specific issues as tracked in the Construction Risk Map
- Catastrophic Risk Exposure: A map that plots a project’s location based on information input and through a partnership with Aon Benfield’s Impact Forecasting capabilities and analysis of catastrophic exposure. Current capabilities include named windstorm and earthquake with future capabilities to include flood and convective storm
- Risk matrix: Systematic plot of the potential severity of both jurisdictional issues and catastrophic exposures that may negatively affect a specific construction project
As the construction landscape continues to grow, contractors entering new states frequently express frustration when confronted with differences in regulation, statutory requirements and hazard risks between geographies, the company said in a statement; the Construction Risk Portal will allow ACE clients and colleagues to have access 24-hours a day, seven days a week to statutory developments, case law, risk trends and regulatory updates to help facilitate the understanding of these dynamics.
Additionally, the interactive platform features publicly available information of development-related regulations in each state, made possible by real estate and construction litigation firm Johnson & Bell. The company also stated that it plans to build out additional applications to include more robust project risk tracking and options for international project risks during 2015.
Was this article valuable?
Here are more articles you may enjoy.