TECHNICAL PAPERS
Dec 1, 2000
Construction Risk Analysis Tool for Determining Liquidated Damages Insurance Premiums: Case Study
Publication: Journal of Construction Engineering and Management
Volume 126, Issue 6
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.
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Received: Jan 27, 1999
Published online: Dec 1, 2000
Published in print: Dec 2000
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F. H. (Bud) Griffis
Symeon Christodoulou
Fellow, ASCE
Associate Member, ASCE
Prof., Civ. Engrg. (Constr.), Columbia Univ., New York, NY 10027; and Executive Vice Pres., Robbins, Pope and Griffis Engineers, P.C., 37 West 65th St., Ste 201, New York, NY 10023-6610.
Asst. Prof., Civ. Engrg. (Constr.), Polytechnic Univ., Brooklyn, NY 11201.
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Terms of Use: ASCE Library Cards are for individual, personal use only. Reselling, republishing, or forwarding the materials to libraries or reading rooms is prohibited.