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The Impact of Insurance Policies to Building Project Contracts A Case Study of Imo State Owerri

The Impact of Insurance Policies to Building Project Contracts

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Reference ID: PS-310-TM

DEDICATION

This research work titled "The Impact of Insurance Policies to Building Project Contracts (A Case Study of Imo State, Owerri)" is dedicated to God for his enabling grace and to all computer enthusiasts who help to make life a pleasant experience.

ACKNOWLEDGEMENT

I owe my indebtedness to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Building Technology (BT), Book Authors and Profound Scholars of existing/related research material for your moral support that facilitated the successful completion of my (Tertiary Institution level). I am grateful to God Almighty and my parent for their financial support in my career. I really appreciate you all for everything, Thank you very much.


The Impact of Insurance Policies to Building Project Contracts (A Case Study of Imo State, Owerri)

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

  • 1.0 Introduction
  • 1.1 Background Of The Study
  • 1.2 Statement Of The Problems
  • 1.3 Aims And Objectives Of The Study
  • 1.4 Significance Of The Study
  • 1.5 Research Questions
  • 1.6 Scope Of Study
  • 1.7 Limitations Of The Study
  • 1.8 Definition Of Terms

CHAPTER TWO

  • 2.0 Literature Review
  • 2.1 Insurance Contracts
  • 2.1.1 History Of Insurance: Ancient Insurance Idea
  • 2.1.2 Evolution Of Modern Insurance In Nigeria
  • 2.2 The Nature, Scope Of Insurance
  • 2.2.1 The Meaning Of Insurance
  • 2.2.2 The Nature Of Insurance
  • 2.2.3 The Scope Of Insurance
  • 2.3 The Theory And Purpose Of Insurance
  • 2.4 Classes Of Insurance
  • 2.5 Types Of Insurance Required
  • 2.6 What Is Contract
  • 2.7 Types Of Building Contract
  • 2.8 Functions Of Insurance
  • 2.9 Design Build Risk And Insurance

CHAPTER THREE

  • 3.0 Research Methodology
  • 3.1 Research Plan
  • 3.1.1 Design Of The Study
  • 3.1.2 Area Of The Study
  • 3.1.3 Population Of The Study
  • 3.1.4 Sample Of The Study
  • 3.2 Method Of Data Analysis
  • 3.2.1 Sources Of Data Collection
  • 3.2.2 Primary Sources Of Data Collection
  • 3.2.3 Secondary Sources Of Data Collection
  • 3.2.4 Instrument For Data Collection
  • 3.2.5 Method Of Data Analysis

CHAPTER FOUR

  • 4.0 Data Presentations Analysis And Discussion
  • 4.1 Presentation And Analysis Of Data
  • 4.2 Discussion Of Findings

CHAPTER FIVE

  • 5.0 Summary, Conclusions, and Recommendations
  • 5.1 Summary Of Findings
  • 5.2 Conclusion
  • 5.3 Recommendations

REFERENCES

APPENDIX - "QUESTIONNAIRE"

ABSTRACT

This study was conducted to evaluate the problems that insurance policies come in contact to building projects contract. This may be due to lack of client awareness or others involved in the building project contract and its insurance. This study will determine what impact insurance has to building project contract and what extent it covers in project contract.The study shall also determine how client be it public, individuals or institutions etc. Can insure their building and property. Using data from field survey and activity sampling, the study revealed that generally, most building project and other project contract are not insured effectively in Imo State, from the result of oral interview conducted among key players in the insurance company, this situation was attributed to the financial resources and audience attitude towards response are not okay. Therefore, the research study, that is from the questionnaires and audience response shows that people are not educated on the impact of insurance policy to the building project contract and recommended that the registered insurance company are in better position to enlighten the people on how important it is to insure their, not only property but lives and what steps to follow in doing so.


The Impact of Insurance Policies to Building Project Contracts (A Case Study of Imo State, Owerri)

CHAPTER ONE

1.0 Introduction

1.1 Background Of The Study

The insurance policies to building project contract cannot be over emphasized. The term insurance is a cover used for projecting one self from the risk of a financial loss. In the construction industries, building project contract are contracts that exist and agree between the client and the contractor, therefore, this study shall go a long way to determine the extent to which insurance will cover in building project contract.

The type of contract which one involves itself with can affect him/her in insuring the contract. It chose the Turkey contract system, the contractor can then insure the site, this makes his work more interesting and effective.

In construction period, clients are expected to insure their property, this study also creates awareness of insurance policy to client and other bodies involved in the contract.

Construction sites are inherently dangerous places. This is why 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 insured on site. Construction insurance does not exempt one from maintaining a safe work place. Usually construction insurance policies only pay out if a strict set of health and safety guidelines are followed.


1.2 Statement Of The Problem

The building project contract in cooperation with insurance policy cannot be ignored. In the construction industries there is need for every project contract to be insured. The following points are reasoned for the study.

  1. The non incorporation of insurance policies to building project contract.
  2. The lack of client awareness to building project contract insurance.
  3. The insuring of construction site
  4. The insuring of building and property
  5. The non compensation towards failure of structures.

1.3 Aim And Objectives of Study

The major aim of this study is to incorporate the insurance policies to building project procurement Objective. In achieving this aim, the following specific objectives were laid out as follows:

  1. To determine the level of risk in construction site that needs to be insured.
  2. To analyze the building project construct insurance.
  3. To ascertain the impact of insurance in building projects.
  4. To determine the awareness of client with regards to insurance.

1.4 Significance Of The Study

The significance of the study indicate that insurance policies create immeasurable awareness to building project contract especially in building project contract, insurance policy ensured that every part of the contract involved are benefited. The following list benefit in building project contract with insurance;

  1. The construction site
  2. The owner of the size (client)
  3. The general public
  4. The area that need more academic pursuit

1.5 Research Question

The study came up with research questions so as to be able to ascertain the above stated objectives. The specific research questions for the study are stated below as follows:

  • What is insurance?
  • Do insurance policies have impact on building project contract?
  • What areas do insurance policies cover in building project contract?
  • Who are involved in insurance policies?
  • What factors affect insurance policy?
  • Does most erected infrastructure in Nigeria undergoes insurance process?
  • Most insurance companies are they really registered or not?

1.6 Scope Of The Study

The scope of this study focus on identifying the insurance policies to building project contract. In project contract insurance policies, incorporate making sure that all activities on construction site were properly managed.

This determines the extent of insurance policies towards the construction site that need to be insured. The area which the insurance policies cover in building project contract ands also some of the factors that could affect the insurance process to building project contracts.

The fact that project contract needs to be insured, the client awareness towards the building project contract insurance and also the contractors are all necessary and should be determined properly.


1.7 Limitation Of The Study

During the course of this study, many things militated against its completion, some of which are:

  1. Time Constraint:

    The time frame given to accomplish this project was very short due to school academic calendar and it was carried out under pressure which made the researcher not to implement some necessary features.

  2. Establishment Policies:

    Establishment policies posed a serious limitation as most staffs are not ready to release information needed for this research work. There were lots of information needed from the staffs of this establishment to enhance the study which took them time to release or they did not release at all for security purposes, hence the scope was reduced.

  3. Financial Constraint:

    Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet).


1.8 Definition Of Terms

Insurance Policy:

All law lexicons define insurance policy as a contract whereby, a person called the insurer or assurer, agrees in consideration of money paid to him, called the premium, by another person called the insured or assured, to indemnify the later against loss resulting to him on the happening of certain events.

Policy:

The policy is the document in which is contained the terms of the contract.

Source:  Osborne’s Law Dictionary, 4th edition p. 178

Insurance:

Insurance is the act of purchasing a security risk, the assured, anxious to protect himself against a risk, purchases from the insurer the right to be indemnified if the risk should materialize.

Source: Slater’s Mercantile Law, 14th edition by Lord Chorley and O.C.Giles

Contract:

A contract is an agreement between two or more persons enforceable at law.

Source: J.O IRUKWU (1971)

Insured Or Assured:

The person who has purchased an insurance policy and is protected by it, sometimes also referred to as the assured.

Insurer:

Insurance Company

Peril:

A cause of loss such as fire, earthquake and flood.

Source: Risk Management Division 1st edition effective-March 2007

Premium:

An amount of money that you pay once or regularly for an insurance policy.

Sources: Oxford Advanced Learners Dictionary 6th Edition.

CHAPTER TWO

2.0 Literature Review

2.1 Introduction

This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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