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Insurers could pull cover for timber-frame buildings
A number of large insurance companies have voiced concerns about providing cover for timber-frame buildings.
Providers such as Aviva and Axa have suggested they may pull their insurance products for such buildings amid fears surrounding their safety.
The rising costs of claims resulting from incidents at timber-frame buildings is also said to be a major concern of the insurers.
Allister Smith, Property Risk Manager at Aviva, said it would not be long before insurance firms start to turn away business from owners of such properties.
"There may come a day when some materials will be challenged; the risk assessor will say we are not prepared to take that risk," he explained.
It follows the publication of a report from RISCAuthority, which revealed that 40 per cent of fires, which resulted in losses in excess of £150,000, involved buildings constructed using timber and light gauge steel.
Douglas Barnett, Head of Customer Risk Management at Axa, added: "We've had massive concerns about this for five to six years. What we now have is the evidence."
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