- Library Home /
- Search Collections /
- Open Collections /
- Browse Collections /
- International Construction Specialty Conference of the Canadian Society for Civil Engineering (ICSC) (5th : 2015) /
- Management of construction risk through contractor's...
Open Collections
International Construction Specialty Conference of the Canadian Society for Civil Engineering (ICSC) (5th : 2015)
Management of construction risk through contractor's all risk insurance policy : a South Africa case study Musundire, Suwisai; Aigbavboa, Clinton
Abstract
Contractors’ All Risks (CAR) is a special insurance cover, which insurances those losses not covered by an ‘excluded peril’ in a construction contract. The benefit to the insured under this type of policy is that the burden is shifted to the insurer who, to resist the claim, is required to show that the cause of the loss falls within an exclusion. The objective of the current research is to study the efficency of CAR in mitigating construction risk and to determine the factors which affect the use of CAR insurance policy in South Africa. The data for the study were derived from both primary and secondary sources. The primary data was obtained through the survey method, while the secondary data was derived from the review of literature. The primary data for the study was collected through a structured questionnaire survey distributed to a sample of 67 contracting firms who had taken CAR insurance and are curently using CAR in mitigating construction risk and 6 insurance companys who insure contractors under this policy. Findings from the study revealed that CAR Effectively covers work in progress, CAR protects the contractor’s interest effectively, CAR policy also protect the client’s interests effectively and that CAR assist the contractor in risk management by recognising potential risks and reducing the probability of such risks. Whilst the factors which affect the use of CAR insurance policy in the South Africa construction industry include: stipulation of the adopted conditions of standard construction contract, client’s requirement, cost and contractor’s own interest. The study adds to the body of knowledge on the use of CAR in the management of construction risk in the South Africa construction industry.
Item Metadata
Title |
Management of construction risk through contractor's all risk insurance policy : a South Africa case study
|
Creator | |
Contributor | |
Date Issued |
2015-06
|
Description |
Contractors’ All Risks (CAR) is a special insurance cover, which insurances those losses not covered by an ‘excluded peril’ in a construction contract. The benefit to the insured under this type of policy is that the burden is shifted to the insurer who, to resist the claim, is required to show that the cause of the loss falls within an exclusion. The objective of the current research is to study the efficency of CAR in mitigating construction risk and to determine the factors which affect the use of CAR insurance policy in South Africa. The data for the study were derived from both primary and secondary sources. The primary data was obtained through the survey method, while the secondary data was derived from the review of literature. The primary data for the study was collected through a structured questionnaire survey distributed to a sample of 67 contracting firms who had taken CAR insurance and are curently using CAR in mitigating construction risk and 6 insurance companys who insure contractors under this policy. Findings from the study revealed that CAR Effectively covers work in progress, CAR protects the contractor’s interest effectively, CAR policy also protect the client’s interests effectively and that CAR assist the contractor in risk management by recognising potential risks and reducing the probability of such risks. Whilst the factors which affect the use of CAR insurance policy in the South Africa construction industry include: stipulation of the adopted conditions of standard construction contract, client’s requirement, cost and contractor’s own interest. The study adds to the body of knowledge on the use of CAR in the management of construction risk in the South Africa construction industry.
|
Genre | |
Type | |
Language |
eng
|
Date Available |
2015-11-26
|
Provider |
Vancouver : University of British Columbia Library
|
Rights |
Attribution-NonCommercial-NoDerivs 2.5 Canada
|
DOI |
10.14288/1.0076338
|
URI | |
Affiliation | |
Citation |
Froese, T. M., Newton, L., Sadeghpour, F. & Vanier, D. J. (EDs.) (2015). Proceedings of ICSC15: The Canadian Society for Civil Engineering 5th International/11th Construction Specialty Conference, University of British Columbia, Vancouver, Canada. June 7-10.
|
Peer Review Status |
Unreviewed
|
Scholarly Level |
Faculty; Other
|
Rights URI | |
Aggregated Source Repository |
DSpace
|
Item Media
Item Citations and Data
Rights
Attribution-NonCommercial-NoDerivs 2.5 Canada