Construction Insurance: An Alternative Unified Risk Insuranceby C. Roy Vince, Professional Liability Brokers &, Consultants Inc, Des Plaines, IL, USA,
Abstract: The transfer of risk mechanism (insurance) can be applied to solve problems unique to the construction environment. The proposed program is worthy of support since all segments of the construction industry would benefit. The rights of the users and public would be unaffected since, as non-parties to the construction contract, all of their legal rights and remedies would be preserved. The insurance contracts currently available to the construction participants would need minor modification to apply to such claims. In the event of a failure, the parties could mutually set about determining the cause of the failure to expand their knowledge and avoid future failures, rather than attempt to protect their positions so as to avoid being assessed the liability. Avoided would be the waste of resources attendant to the process of assessing liability among construction participants.
Subject Headings: Insurance | Liability | Construction industry | Contracts | Failure analysis
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