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An evaluation of the use of insurance in managing construction risks

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Odeyinka, Henry (2000) An evaluation of the use of insurance in managing construction risks. Construction Management and Economics, 18 (5). pp. 519-524. [Journal article]

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Abstract

One of the major methods of managing construction risks in the Nigerian construction industry is the insurance method. On the basis of data from some selected construction sites in Nigeria, this paper evaluates the effectiveness of the method. Also it identifies, through a questionnaire survey, the various insurable construction risks perceived to be encountered in the Nigerian construction industry and the types of insurance policy employed in managing them. High importance is placed by the construction industry on site security, construction risk, and health and welfare requirements, and the use of an all-risk insurance policy is the most prominent method for managing the identified risks. Finally it is concluded that there is a correlation between insured sum and actual replacement cost when there are losses or damages. However, the insurance claims settled could cater for only 61.1 % of the replacement cost of on-going construction works studied.

Item Type:Journal article
Keywords:Insurance, construction risk, contractors, construction industry, Nigeria
Faculties and Schools:Faculty of Art, Design and the Built Environment
Faculty of Art, Design and the Built Environment > School of the Built Environment
Research Institutes and Groups:Built Environment Research Institute
Built Environment Research Institute > Centre for Sustainable Technologies (CST)
ID Code:13808
Deposited By:Dr Henry Odeyinka
Deposited On:20 May 2010 11:22
Last Modified:01 Jul 2011 11:48

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