ROLE OF INSURANCE IN CONSTRUCTION AND INFRASTRUCTURE PROJECTS

The development of a construction project from inception to completion takes a long time and involves many phases. It brings workers with different skills and interests together and involves the use of large and diverse set of equipments. All of these complex requirements have to be handled with proper co-ordination to provide a smooth flow of activities. It is necessary to identify and analyse the risks that may appear during project risks means the control of the project itself .Insurance is, of course, only one means of managing risks associated with such project s. It needs to be put into context and understood that not every risk can be insured against adequately or insured for a price that is acceptable.