RISK AND INSURANCE IN CONSTRUCTION Second edition

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RISK AND INSURANCE IN CONSTRUCTION

CONTENTS:
  • Interaction between construction, insurance and law
  • Hazards and risks
  • The spectrum of hazard and risks in construction
  • The risks as classified in standard forms of construction contracts
  • Responsibility and liability in construction
  • Indemnity and insurance
  • The insurance scene
  • The insurance clauses in standard forms of contract
  • The insurance clauses in FIDIC’s traditional forms of contract
  • The insurance clauses of the new 1999 FIDIC Forms of Contract
  • The insurance clauses of the new 1999 FIDIC Forms of Cont
  • Insurances required under the FIDIC agreements
  • Professional indemnity insurance
  • Alternative methods of insuring

At the time of publication of the first edition of this book, 1986, the topic of ‘Risk’ was not as
fashionable as it later became or as it is nowadays. One reviewer of the first edition even
questioned the logic of dealing with risk in a book on construction insurance. Others

understood the link between risk and insurance and the interaction between these two topics
and the contractual arrangements between the parties. They also understood that the purpose
of a contract is to allocate the risks between the contracting parties and that from such
allocation flows their responsibility and liability towards each other and towards third
parties. Hence, if the liability is too great to be born by the contracting parties, then it could be
shifted through an indemnity provision to an insurer, if it is insurable. However, some
questioned the wisdom of not having the two words ‘risk’ and ‘insurance’ in the title of the
book ‘Construction Insurance’. This was a valid criticism and hence the change to the new
title ‘Risk and Insurance in Construction’ adopted in this second edition.

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