Exploratory Analysis of Securities and Contractors’ All Risk Insurance Implementation in the Construction Industry of Zambia
| Autor: | Ngoy Kabemba S., N’Gandu Vennah Beene, Mwanaumo Erastus |
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| Jazyk: | angličtina |
| Rok vydání: | 2023 |
| Předmět: | |
| Zdroj: | Baltic Journal of Real Estate Economics and Construction Management, Vol 11, Iss 1, Pp 289-304 (2023) |
| Druh dokumentu: | article |
| ISSN: | 2255-9671 73007013 |
| DOI: | 10.2478/bjreecm-2023-0018 |
| Popis: | The risks associated with construction can be transferred to insurance. However, in the Zambian construction industry (ZCI), knowledge and use of insurance covers (performance security, advance payment, and contractor’s all risk insurance) have not been previously fully elucidated. The study was designed to cover this knowledge gap among professionals in government and private sector construction institutions, as well as insurance and financial institutions. Analysed data were approached quantitatively. Based on responses collected from 68 participants purposively sampled using a structured questionnaire as instrument, results were discussed and conclusion drawn. Private sector personnel headed the number of respondents and were more likely to have had five or more years of work experience than those of the Government of the Republic of Zambia (GRZ) institutions (86 % vs 36 %, p = 0.001). Approximately 88 % of the participants both in the public 33 % and private 67 % sector had knowledge about securities and contractors’ all risk insurance. There was variation in the use of different securities and contractors’ all risk insurance, with the lowest uptake being for retention bonds. Personnel from public institutions were more likely to have used CAR-insurance security in one or more projects than those from the private sector (100 % vs 47 %, p = 0.009). Participants also reported that they had valid securities and had successful implementation of securities with a variable level of compliance among different stakeholders. Finally, approximately half of the participants had effective systems for monitoring performance of securities, and a majority of the systems were said to be effective. Education of key players in risk management, formulation and enforcement of laws are necessary to ensure effective risk management practices. |
| Databáze: | Directory of Open Access Journals |
| Externí odkaz: |
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