Climate change brings huge new challenges for the construction sector in Europe and worldwide as wind, floods, fire and extreme temperatures challenge all economic activity. Snow, rain, flooding or strong winds might disrupt work, power supplies or access to site. They may also result in delays to the transportation of materials in the supply chain. At the other end of the spectrum, extreme heat may limit working hours on site. The big question is who bears the risk of delays to a construction project due to the occurrence of extreme weather events? How are such events defined and measured, what established legal norms exist (NEC, FIDIC, JCT etc) to identify and clarify who is liable, and what could and should project owner risk managers do to ensure that they are adequately protected and costs controlled? From a risk transfer perspective are parametric solutions the answer?