RISK AND INSURANCE IN CONSTRUCTION SECOND EDITION
Those involved in construction have to cope with so much learning in their own discipline that they shun further involvement in subjects such as insurance and law which in themselves are so deeply and intensely complex. However, insurance and law are interwoven in the basic procedures used in the construction industry to undertake work, be it design or construction or supervision or operation or any combination of the foregoing.
Furthermore, they both interact with the theory of Risk and the application of Risk Management. From the legal point, this interaction stems from the essence of the construction contract and its purpose, which is to allocate the risks, to which the project is exposed, between the parties. From an insurance aspect, risk forms the basis of insurability and premium calculation. Insurance costs have escalated to become a major cost factor in any branch of the construction industry.
Such escalation makes it essential for decision-makers within the industry to have a thorough understanding of the risks, liabilities and indemnities which play an important role in forming the appropriate relationship between those involved. This thoroughly revised edition of Nael Bunni’s successful Insurance in Construction with its new title ‘Risk and Insurance in Construction’ provides information on risk, construction law and construction insurance for those involved with all aspects of construction. The chapters on risk have been expanded to include recent developments in that area and provides further examples of events which could occur on what can be termed as the most risky human work activity: construction.
New chapters are also added to deal with the insurance clauses of the many new standard forms of contract published in the recent years, including FIDIC’s new suite of contracts published in September 1999, ICE’s seventh edition of the civil engineering standard form of contract; and ICE’s second edition of the design/build form. Nael G.Bunni is a Chartered Engineer, Registered Chartered Arbitrator and Conciliator. He is Past President of the Association of Consulting Engineers of Ireland, Past Chairman of the Irish Branch of the Chartered Institute of Arbitrators, and Past President of the Chartered Institute of Arbitrators, London.
At present, he is a member of the Board of Directors of the London Court of International Arbitration and member of various Standing Committees of the Commission on International Arbitration of the ICC, Paris, including the forum on ADR, the Construction Arbitration Section of the Forum on ‘Arbitration and New Fields’ and the working Party on Turnkey Transactions of the Commission on International Commercial Practice. He is a member of ‘ICCA’ and a Fellow of the Irish Academy of Engineering.