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Investigating The Effectiveness Of Insurance As Risk Management Tool In Construction Industry
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1.3 Research Questions
The following research questions are set-out to guide the study:
· What are the insurable risks in construction project delivery?
· What types of insurance policies can be used in the construction industry for effective risks management?
· What is the level of use of identified insurance policies in the construction industry?
1.4 Aim and Objectives of the Study
The
main aim of the research was to conduct an investigation into how
insurance is used as a risk transfer tool in the Nigerian construction
industry with a view to improving insurance uptake. The objectives of
the study include to:
· identify the most insurable risks typically involved in the construction project delivery;
· assess the types of insurance policies commonly used in the construction industry;
· determine the level of use of identified insurance policies in the construction industry
1.7 Scope of the Research
The
study focused on insurance as a risk management tool for the
construction industry in Akwa Ibom State. The construction industry in
Akwa Ibom State have witnessed various complex high risk projects in the
last Six years including Pile Jack Underground Drainage Systems and
many other five star projects. It is limited to insurance companies,
contractors within the state capital and public sector clients mainly
Ministry of Works and Ministry of Housing and Urban Renewal.
1.8 Organisation of the Research
The
research was organised in Five (5) Chapters. Chapter one provided the
introduction and background to the problem. This was followed by a
review of literature on risk management and construction insurance in
the second chapters. The third chapter highlighted the research
methodology and data collection method. Analysis of the research results
was discussed in chapter four while conclusions and recommendations
were captured in chapter five.
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ABSRACT - [ Total Page(s): 1 ]The nature of construction business is risk versed. Most forms of construction contract recognized the use of insurance as risk management tool. Few studies however, evaluates its effectiveness as risk management tool. This study investigated the efficacy of insurance in curbing risks in construction project delivery. The objectives were to identify insurable risks in construction project delivery, identify prevalent insurance policies in the construction industry, and to determine their level o ... Continue reading---
