Fire Extinguished at BIG Construction Site in Petah Tikva, Financial Impact Still Unclear
Translated & summarized from Mako by baba
A fire at the BIG construction site in Petah Tikva was extinguished after hours, but the financial damage and impact on the project timeline remain uncertain pending engineering assessments.
The story in 6 lines · by baba
- A fire broke out in the underground parking lot of the BIG site in Petah Tikva, covering 2,000 square meters.
- Firefighters controlled the blaze after hours, extinguishing all hotspots and conducting thorough checks.
- Heat, smoke, and firefighting water may damage concrete, systems, and finishing work, requiring repairs.
- Financial exposure increases as the project advances due to higher invested value on-site.
- Insurance coverage quality will determine if damages and delays are financially covered or borne by the developer.
- Full damage assessment and timeline impact will be known only after engineering inspections are completed.
A fire broke out in the underground parking lot of the BIG commercial and employment complex under construction in Petah Tikva, covering an area of approximately 2,000 square meters. Firefighters battled the blaze for several hours before declaring full control and extinguishing all hotspots. Following the fire, attention has shifted to assessing the extent of damage to the construction work already completed and determining whether the incident will affect the project’s timeline.
Experts warn that damage from such fires goes beyond what burns. Exposure to extreme heat can compromise structural components like concrete, while smoke and firefighting water may harm systems, waterproofing, building materials, and finishing work. This can necessitate dismantling and redoing parts of the construction, potentially delaying progress and increasing costs.
Insurance and risk management consultant Attorney Eti Greenberg-Gal emphasized that a fire at a construction site tests the project's insurance coverage. She noted that the financial exposure grows as the project advances because more value has been invested on-site, making repairs more costly. Typically, construction projects are insured under contractor’s all-risk policies, but the scope of coverage, limits, exclusions, and coverage for consequential damages will determine the financial outcome.
The full financial damage and impact on the construction schedule remain unknown until engineering inspections and damage assessments are completed. The incident highlights the importance of thorough risk management and insurance planning before construction begins to ensure adequate coverage for such events.
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