Modular and prefabricated construction continues to grow worldwide. In 2017, the global market value was USD 106 billion and it’s projected to reach USD 157 billion by 2023, at a CAGR of 6.9% during this forecast period. From healthcare to hospitality, many industries are embracing this ‘off-site’ construction model to potentially save time, reduce scheduling delays and improve overall quality.
But what about the risks? Ray Allen, Underwriting Manager within AXA XL’s Construction Professional Liability team, looks at the possible professional liability risks and the need for the right insurance.