Construction Insurance and UK Construction Contracts

Page 84


A broad overview of risks in construction projects and the role of insurance

A broad overview of risks in construction projects and the role of insurance

4.1 Risk assessment for construction projects is a science not an art form. In any competent organisation concerned with delivering construction projects there will be a process of risk assessment. The assessment carried out will vary depending upon the commercial interests and function of the party on whose behalf the assessment is carried out - usually the developer client. At the end of the process there will be some risks that it is accepted cannot be passed on; some that will be dealt with by contractual arrangements with other parties to the construction project; and some will be dealt with by insurance. Self-evidently each party in the process will try to achieve a position whereby as much as possible of relevant risk rests with other parties and as much as possible of the chance of profit is retained. In PFI/PPP projects risks will lie usually with the party best placed to manage them (see Chapter 27).

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