Risk Management of Road Project Through Insurance

Nowadays, a road construction project has become more and more complex and this complexity arises from the large number of parties involved in it. Insurance works as an efficient risk management tool, especially when the chance of loss is low, but the severity of potential loss is very high. All types of risks associated with the civil structure of a road can be covered by insurance named as contractors all risk insurance. This insurance covers physical loss or damage to property as well as third party liability related to work conducted on the contract site. The coverage for physical loss or damage to property is on an “All Risk” basis, i.e., the policy insures against damage to property in the course of construction by all sudden, accidental and unforeseen causes other than specifically excluded. This policy also includes third party liability, which covers bodily injury and property damage for third party caused by an accident at the construction site. Insurance is also available to cover physical loss or damage to construction plant, machinery, equipment and tools used.

Language

  • English

Media Info

  • Media Type: Digital/other
  • Features: Figures; Photos; References; Tables;
  • Pagination: 15p
  • Monograph Title: Proceedings of the 25th World Road Congress - Seoul 2015: Roads and Mobility - Creating New Value from Transport

Subject/Index Terms

Filing Info

  • Accession Number: 01670604
  • Record Type: Publication
  • ISBN: 9782840604235
  • Report/Paper Numbers: 0506
  • Files: TRIS
  • Created Date: May 23 2018 12:55AM