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Effects of Risk Management on Project Insurance Costs

Effects of Risk Management on Project Insurance Costs

wtc15_full_towers-3

A. Towers / C. Scott

The objective of this paper is to explain how project costs (specifically Construction All Risks (CAR) insurance premiums) can be reduced by the project owner and / or contractor, by adopting an effective risk management program and working in conjunction with the insurers own risk management services. Managing risk and uncertainty in the construction industry is a daily battle. Projects can range from the straight forward to the highly complex (including the likes of renovation and demolition) and a strong focus on risk management is essential in controlling the exposures. Large construction projects are generally exposed to a variety of risks during the planning, feasibility, design , construction, and defects liability phases; as well as outside exposures such as the availability of resources, materials etc.

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Year 2015
City Dubrovnik
Country Croatia