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Construction Management
Construction sites are inherently dangerous places. Construction insurance, then, is critical to reducing liability risks and protecting assets during a project. It allows an organization to reasonably safeguard interests in the work. Adequate insurance provides protection against property damage and worker related injury (Agron 1998, pp.267). Myriad coverage options are available, spanning a multitude of potential problems. This analysis is designed to provide basic information concerning construction risks faced by City Hall and the insurance coverages available to respond to these risks.
Risk Management and Insurance Considerations
For the Victoria City Hall restoration project, the importance of leadership cannot be overstated. Formalized approaches to understanding, analyzing and managing risk are necessary. Quality assurance checks should be embedded into the overall project management plan and communicated to all project members. The primary goal is to limit exposure...
This primary insurance will address damage to materials, goods, equipment and supplies forming the most salient phases of the project. The dangers of adverse weather or interior water damage should also be included (with lower sub-limits) for materials 'in-transit' and in 'offsite storage.' The Builder's Risk insurance limits of liability should be extended to the full replacement value of construction including labor and materials, except in the case of specifically defined sub-limits. The following optional coverages under a primary Builder's Risk program should…
Wrap-up insurance will provide cost savings and allow City Hall to protect its interests. This coverage should be provided for employees and construction activities at or emanating from the any project site locations as defined in the construction contract documents (Korman 2011, pp.1). This is pertinent to project success -- the cost of solving resulting problems due to mishaps, hazards, or unforeseen events is normally many times higher than the cost of related insurance premiums.
Coverage Examples
• A construction worker carrying drywall hits and activates a sprinkler head causing water to be released. The Builder's Risk policy covers damage caused by the water regardless of fault.
It is essential for company managers, safety practitioners and manufacturing engineers to be informed of and gain sufficient knowledge about current research developments in this field and implement safety strategies as well as systems to minimize occupational health and safety risks. (Bier; Kunreuther; Phimister, 103); (Stellman, 17) Active and procedural risk management strategies are important elements in any manufacturing unit. Active risk management refers to implementing interlocks, alarms and mitigation
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