Architect industry is faced with an increasing complex risk landscape with evolving legal obligations by Max Lee, Senior Risk Specialists
Singapore has gained a reputation as a city for innovative, iconic architecture with impressive commercial building like Marina Bay precinct, Art Science Museum and Marina One Show Gallery and residential building like The Interlace, Skyville@Dawson, Ferrell Residences. The architecture activities of these unique projects are costly and governed by regulations, planning and legal obligations with large amount of investments at stake. How then do Architects and Engineers be protected against commercial risk in the course of rendering their professional advice?
Risk carries detrimental financial consequences that can’t be ignored
Singapore Is the 4th most expensive city in Asia to build in, with about S$20bn in construction demand annually which is a significant proportion of Singapore’s GDP.
In view of this growth, the Architect Industry is faced with an increasing complex of correlated risks and evolving legal obligations regulating types of building materials, architecture & engineering methodology and use of space for specific developments. For example, Architects and Engineers must provide a duty of care to ensure the work doesn’t impact the safety of general public, residents and visitors when work in under way and if the building is used for workplace, the design must take health and safety risks into account with the ability to conduct ongoing testing and durability analysis. Future maintenance is part of key consideration, building design must include a safe access to machinery rooms and roof to enable periodic cleaning and maintenance.
Any unintentional errors or omissions poses great financial challenge for Architects and Engineers to focus on existing and future projects.
Risk transfer solutions provides Architects and Engineers with assurance and certainty
In the context of commercial risks challenges, risk transfer solutions such as insurance can play an important role to cushion high legal expenses, investigation costs and compensation. Our expertise can assist your business to secure explicit cover for the liabilities involved in projects of all sizes and we stand aligned thinking like an Architects & Engineers that any retained risks can be a disruption to ongoing projects and hurt the balance sheet of your business.
This is where Grinweiv can help with applicable solutions to navigate civil and regulatory risks by providing suitable cover to suit a wide range of architecture and engineering projects.