Construction risk insurance practices in Pakistan. | [Proceedings of International Conference on Construction in Developing Countries • 2008]

Author(s):

1. Farrukh Arif: Department of Civil Engineering, NED University of Engineering & Technology, Karachi, Pakistan

2. Rizwan U. Farooqui: Department of Civil Engineering, NED University of Engineering & Technology, Karachi, Pakistan

3. Uneb Gazder: Department of Urban and Infrastructure Engineering, NED University of Engineering & Technology, Karachi, Pakistan

4. Nida Azhar: Department of Urban and Infrastructure Engineering, NED University of Engineering & Technology, Karachi, Pakistan

Abstract:

Construction works are hazardous by nature and accidents are frequent and often severe. The annual toll of deaths, bodily injuries and property damage in construction world is very high. Not only this but construction works involve large amount of investment especially in public projects. All of this increases the risk of construction business and makes handling of financial matters more critical. Insurance and Surety are some of the methods utilized by the contractors and client as risk controlling mechanisms. Risk insurance helps the contractor transferring its risk related to unforeseen circumstances which has a potential risk of damage to life, property, material or equipment. The study aims at highlighting the current insurance practices of the construction industry of Pakistan. A distinguishing approach of targeting insurance companies will be used for data collection in this regard. The study will be beneficial for developing sets of recommendation for the construction industry and financial institutions to highlight and improve the shortcomings of the current practices. It will serve as an initiative to academia for further research.

Page(s): 177-184

DOI: DOI not available

Published: Journal: Proceedings of International Conference on Construction in Developing Countries , Volume: 4, Issue: 5, Year: 2008

Keywords:

Keywords are not available for this article.

References:

References are not available for this document.

Citations

Citations are not available for this document.

Citations

Downloads

Views