This annual conference brings together the entire spectrum of project stakeholders—public and private project owners, government agencies and regulators, design professionals, contractors, materials manufacturers and suppliers, legal and insurance advisors, and others—to explore the challenges, trends, and groundbreaking developments impacting the built environment. The theme for this year’s conference was Thrive: Strategies for Resilient Communities.
In line with this focus, Victor’s presentation, The Innovation Crossroads: Risks & Rewards, examined the necessity of balancing the need for innovation with its inherent risks. Given the significant challenges the construction industry is currently facing—an aging infrastructure, unduly taxed by increasingly severe and more frequent weather events, coupled with fluctuating material costs and budgetary and labor constraints—innovation is more crucial than ever. However, such efforts can be fraught with dangers. On the one hand, innovation can result in increased claims due to the use of unproven materials and methodologies. On the other, not innovating can result in increased claims due to a failure to keep pace with evolving environmental, legal, and societal expectations.
Use of climate modeling tools is a prime example of this. Adherence to building codes, by itself, has never been enough to protect against legal liability. This becomes more true as climate patterns change faster than building codes. Climate modeling tools address some of this risk by identifying emerging climate hazards that project stakeholders should note, but such tools are not yet a perfect science. Therein lies the risk: modeling tools may fail to alert us to real threats or erroneously alert us to threats that never materialize. Yet, despite their limitations, recent court rulings indicate that failing to consider reasonably foreseeable climate hazards through the use of climate modeling and other available tools and information could result in significant delays and consequences for projects. The Gross Reservoir Dam expansion in Colorado and a housing project in Virginia Beach serve as recent examples of this, while the Battery Park City Resiliency Project in New York City highlights the benefits of integrating the latest climate modeling science into project planning. You can read more about our presentation on this topic and the 2025 Building Innovation conference in the Construction Dive article, “How climate modeling, AI can power innovative building.”
At Victor, we’re always striving to help our insureds stay ahead of the curve. That’s why we collaborated with the AIA Trust to launch a new self-service tool designed to help firms identify projected, site-specific climate-related risks. Learn more about the Climate Factsheet and the special discounted pricing available to Victor and CNA policyholders (insureds must be an AIA member to receive the discount). To learn about our other exclusive policyholder resources, visit our Risk Advisory platform.