Construction English

When planning to build, many consumers are confused as to what protection is available to them, what is needed or recommended and what the bonds and insurances are actually protecting you against.
With that in mind, we have gathered a few of the most common protections with brief descriptions:

All Risk Insurance

As a purchaser, you should ensure that your contractor takes out an All-Risk or Builder’s-Risk policy in which he names you as one of the beneficiaries. This type of insurance policy is project specific – meaning that the policy is for your building construction only. This policy would be in addition to the contractor’s general business insurance and his liability policy. (You can – and should – request proof of these last two policies.) All-Risk insurance fees are based on the project cost, length of construction, contractor’s experience etc. The policy normally covers work in place, materials and equipment on site, in transit, even in some cases stored off-site. The cost of this insurance policy is often downloaded to the consumer either directly or in-directly. Read the rest of this entry »

Analyse and Manage Construction Risks is very important for project management. This help to avoid or limit risks in construction projects.

The construction risks can be broadly grouped under the following categories:

. Technical Risks

* Incomplete design.
* Inadequate site investigation.
* Uncertainty over the source and availability of materials.
* Appropriateness of specifications. Read the rest of this entry »

Construction insurance is an important policy to have if you own, run or manage a construction site.

Construction insurance provides safeguards for you as an employer against your construction workers being injured on site. Construction insurance does not exempt you from maintain a safe workplace. Usually, construction insurance policies only pay out if a strict set of health and safety guidelines are followed.

Construction insurance also covers materials and machinery on the construction site in the event of an accident, fire or theft. Due to the high cost of building materials in the current economic climate, the theft of building materials is getting more commonplace and gives a good reason why you should opt for construction insurance. Read the rest of this entry »

Risk Management

Construction professionals need to know how to balance the contingencies of risk with their specific contractual, financial, operational and organizational requirements. In order to achieve this balance, proper risk identification and risk analysis is required. The risk management process entails identifying construction risks and exposures, and formulating an effective risk management strategy to mitigate the potential for loss. Read the rest of this entry »