Some Strategies to Minimize Construction Risk

Posted by | July 19, 2017 | Digital Marketing | No Comments
some strategies to minimize construction risk

These strategies will help you lessen the construction risk

Lowering the construction risk: Construction is a dangerous, difficult and demanding job. The risks are high and even a small negligence can have grave consequences. The risks, however, can be lessened by the use of certain techniques and strategies. The project needs to be properly planned by construction manager, keeping all the things and risks in mind.

Even the little amounts of negligence can cause huge financial issues, wastage of time and precious resources and can even cause heavy injuries or major accidents at the site. Such big losses can be prevented by taking extra care of certain things. The tasks, roles and responsibilities must be properly shared and distributed so that the risks could be minimized.

Constructiv works has always been providing excellent tips specifically on cranes and construction and this article also provides some great tips to minimize and lessen the risk factor in construction.

Read the complete article to obtain valuable information about construction!

Step 1: Allocate Risk

The contract negotiation and preparation phase is the best time for all project leaders, including the owner, contractors, architects, and building manager, to come together and anticipate all potential risks and assign responsibility of those risks to parties most apt to handle them should the unwanted arise. For example, the building owner and architect should be charged with ensuring design and environment issues are worked out and should draft a plan in case something arises. Meanwhile, contractors should be charged with ensuring personnel are equipped with all the necessary safety guidelines and understand how best to maneuver the environment with equipment in a safe and secure manner.

Step 2: Add Protection with Indemnity Policies and Provisions

Even the best of plans can go awry. To be more proactive in managing construction risk, it is essential to ensure professional indemnity insurance coverage is up-to-date and meets the needs of the current project. This might require talking to an attorney or insurance representative to ensure the following policies (either under your insurance or insurance of partners) are in place at or by the start time of construction:

  • Product liability insurance.  This type of coverage protects against liability for injuries to people or property damages that arise from products supplied by a business. The suppliers of common construction equipment, such as escalators and lifts, are often required to maintain this type of insurance.
  • Public liability insurance.  This type of coverage protects against liability arising from the death or personal injuries to third parties and for property damages belonging to third parties. While most construction projects should ensure some type of security measures, such as security fencing around around the perimeter of a project zone, this type of clause ensures that should something happen, it will be handled swiftly and with care.
  • Latent defects insurance.  This type of coverage is generally held by a building owner as it protects the owner against the cost of rectifying structural components of a building in the case of unknown or unforeseeable defects. In certain provisions, the contractor may be held responsible in arenas of material placement and known quality-of-work issues.

The complete article which contains all the information and strategies to minimize construction risk, is posted on TNT Crane & Rigging website. You need to read the full article in order to understand the topic clearly.

 

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