INVESTIGATING THE EFFECTIVENESS OF INSURANCE AS RISK MANAGEMENT TOOL IN CONSTRUCTION INDUSTRY
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 3000
Abstract
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 of use. Survey questionnaire were administered to 50 targets in the clients, contractors, and consultants organizations and insurance companies in Akwa-Ibom state. Data analysis involved descriptive statistics and Relative Important Index. The findings revealed the five most significant insurable risks in the construction industry as injury to person, injury to property and heavy rain, fire, poor construction method and poor site management practices. Further findings revealed the most significant insurance policies in the construction industry are bid bond, contractors all risks insurance, performance bond, motor insurance and third party insurance. The level of use of these insurance policies is however very low and their effectiveness deemed adequate to address construction risks. To promote increased adoption of insurance in construction risk management, awareness of the benefits must be propagated to the common domain.
Related Project Materials
ASSESSMENT OF THE EFFECT OF COVID19 ON TOURISM IN NIGERIA
ABSTRACT
This study was carried out to assess the effect of covid19 on tourism in Nigeria, using Obudu...
IMPROVING FINGERLING SUPPLY AND FISH NUTRITION FOR SMALLHOLDER FARMS: A REVIEW INLAND AQUACULTURE IN NIGERIA
STATEMENT OF THE PROBLEM
Inland aquaculture is an integral component of the overall agricultur...
FACTS AND FICTION IN NIGERIAN WAR PROSE: CHINUA ACHEBE’S THERE WAS A COUNTRY AND CHIMAMANDA NGOZI ADICHIE’S HALF OF A YELLOW SUN
ABSTRACT
The study is on Facts and Fictions in Nigerian War Prose: Chinua Achebe’s There Was A Country: A Pers...
THE INFLUENCE OF GEOPOLITICAL EVENTS ON INVESTMENT DECISIONS
ABSTRACT
THE INFLUENCE OF GEOPOLITICAL EVENTS ON INVESTMENT DECISIONS
This study examines the influence of geopolitical events...
EVALUATION OF PERSONNEL MANAGEMENT PROBLEMS AND ITS EFFECT ON EMPLOYEE PERFORMANCE AND PRODUCTIVITY
Background of the study
The most valuable aspect of civilization is management, which serves as the organization's c...
EFFECT OF INCOME INEQUALITY ON HEALTH OUTCOMES AND HEALTH-SEEKING BEHAVIOUR IN NIGERIA
ABSTRACT
During the periods of 1960s through 1980s, poor health outcomes (illness and deaths) resulting from strokes, hypertension, high...
THE IMPACT OF COST ACCOUNTING FOR FINANCIAL SERVICES AND BANKING
Abstract: THE IMPACT OF COST ACCOUNTING FOR FINANCIAL SERVICES AND BANKING
This study examines the impact of cost accounting on financial...
THE INFLUENCE OF ENTREPRENEURSHIP EDUCATION ON STUDENTS ENTREPRENEURIAL PSYCHOSOCIAL ADJUSTMENTS
ABSTRACT
Since the inception of human being, no human being come into existence fully developed with al...
THE IMPACT OF SCHOOL ENVIRONMENT ON TEACHING AND LEARNING: A CASE STUDY OF NIGER COLLEGE JUNIOR SECONDARY SCHOOLS TWO
ABSTRACT
The impact of school environment on teaching and learning was carried out in Niger College Junior Secondary...
A HISTORICAL ANALYSIS OF NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY (NEEDS) AND HER CONTRIBUTION TO POVERTY ALLEVIATION IN NIGERIA
INTRODUCTION
National Economic Empowerment Development strategy (NEEDS) is described as a Nigeria’s plan for prosp...
