Abstract
Construction work is often a risky undertaking for all parties involved, and risk management is essential in dealing with potential exposures. One of the possible options in any risk management approach is the shifting of designated potential risks to financially strong institutions, which, for an agreed premium amount, are willing to assume the financial responsibility for any loss incurred. This paper presents a case study and a methodology for determining the expected loss to an insurance company when insuring for liquidated damages. It is directed to engineers and construction managers faced with providing a surety or owner with a quantification of the risk associated with a project completion date.
Original language | English (US) |
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Pages (from-to) | 407-413 |
Number of pages | 7 |
Journal | Journal of Construction Engineering and Management |
Volume | 126 |
Issue number | 6 |
DOIs | |
State | Published - Nov 2000 |
ASJC Scopus subject areas
- Civil and Structural Engineering
- Building and Construction
- Industrial relations
- Strategy and Management