Insurance Policies for Condition-Based Maintenance Plans of ETICS
Ilídio S. Dias,
Ana Silva,
Carlos Oliveira Cruz,
Cláudia Ferreira,
Inês Flores-Colen,
Jorge de Brito
Affiliations
Ilídio S. Dias
Civil Engineering Research and Innovation for Sustainability (CERIS), Department of Civil Engineering, Architecture and Georesources, IST-University of Lisbon, Av. Rovisco Pais, 1049-001 Lisbon, Portugal
Ana Silva
Civil Engineering Research and Innovation for Sustainability (CERIS), Department of Civil Engineering, Architecture and Georesources, IST-University of Lisbon, Av. Rovisco Pais, 1049-001 Lisbon, Portugal
Carlos Oliveira Cruz
Civil Engineering Research and Innovation for Sustainability (CERIS), Department of Civil Engineering, Architecture and Georesources, IST-University of Lisbon, Av. Rovisco Pais, 1049-001 Lisbon, Portugal
Cláudia Ferreira
Civil Engineering Research and Innovation for Sustainability (CERIS), Department of Civil Engineering, Architecture and Georesources, IST-University of Lisbon, Av. Rovisco Pais, 1049-001 Lisbon, Portugal
Inês Flores-Colen
Civil Engineering Research and Innovation for Sustainability (CERIS), Department of Civil Engineering, Architecture and Georesources, IST-University of Lisbon, Av. Rovisco Pais, 1049-001 Lisbon, Portugal
Jorge de Brito
Civil Engineering Research and Innovation for Sustainability (CERIS), Department of Civil Engineering, Architecture and Georesources, IST-University of Lisbon, Av. Rovisco Pais, 1049-001 Lisbon, Portugal
Currently, insurance companies exclude the buildings’ envelope of their policies since they lack reliable information about the risks and degradation models and are unable to estimate the probabilities of intervention and corresponding costs. This study intends to overcome the existing gap, proposing property maintenance insurance policies developed based on condition-based maintenance plans, using stochastic information regarding the degradation process of the buildings’ envelope elements in the definition of insurance policies. To perform this work, external thermal insulation composite systems (ETICS) are used as case study, for the definition of an insurance policy. This approach allows reducing the uncertainty associated with the degradation of ETICS even when subject to scheduled maintenance actions. Several insurance policies are analysed, with different insurance premiums, evaluating different risks accepted by the owners when adopting a certain maintenance plan. For owners, the main advantages of acquiring this insurance product are: (i) changing the nature of the risk, transferring the risk to the insurer; and (ii) increasing the asset’s equity value, reducing the risk associated with the degradation of ETICS and the uncertainty of maintenance costs over time.
