INVESTIGATING THE EFFECTIVENESS OF INSURANCE AS RISK MANAGEMENT TOOL IN CONSTRUCTION INDUSTRY
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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.
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