Odeyinka, H A (2000) An evaluation of the use of insurance in managing construction risks. Construction Management and Economics, 18(5), pp. 519-524. ISSN 01446193
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: | Article |
|---|---|
| Uncontrolled Keywords: | construction industry; construction risk; contractors; insurance; Nigeria |
| Index terms: | construction industry, insurance, effectiveness, construction work, site security, Nigeria, replacement, questionnaire, construction site, damages, survey |
| Subjects: | materials science, dispute resolution, data collection methods, economic analysis, work location, operations management, Geography, performance management, industry analysis |
| Topics: | Site Management, Legal Issues, Quality Management, Business Strategy, Engineering Principles, Research Practice, Project Management, Geographical Context |
| Descriptive scope: | 5 PCTEA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here