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Evaluating the reality of risk management of industrial and construction projects with engineering insurance: a case study -in the National Insurance Company - تقييم واقع إدارة مخاطر المشاريع الصناعية والإنشائية بالتأمين الهندسي: دراسة حالة - في شركة التأمين الوطنية

Authors:

Abstract

The research aims to know the role of the National Insurance Company in achieving an assessment of the reality of risk management in construction and industrial projects in Iraq, and what the reform process needs for discontinued projects that are under construction after the insurance industry has realized how much the projects need to cover to protect our Iraqi national economy. The research acquires its importance because the National Insurance Company contributes to achieving development in construction and industrial projects with engineering insurance. The research problem is summed up in knowing whether the insurance company can cover the dangers in most projects with engineering insurance and whether it has a role in addressing the risks to which the projects are exposed. The National Insurance Company was chosen as it is the largest company in Iraq that practices engineering insurance within its organizational and geographical branches. The research adopted the case study approach. The research tool was to analyze the performance of the company in engineering insurance for the period (2004 to 2018) and use the checklist to find the size of the gap between the expected risks in projects and the compensations in engineering insurance and the actual reality in the company using some statistical methods and tools. The research reached to some conclusions, the most important of which is that the engineering insurance gap reached (13.5%), which is a good percentage indicating the company's strengths and that the emergence of this gap is due to the disparity in premiums due to reasons including energy and oil projects premiums, which are not typical, as a plan is prepared by the client each year according to the work schedule, as the size of the premium varies with the amount of work performed.
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Evaluating the reality of risk management of industrial and construction projects with engineering
insurance: a case study - in the National Insurance Company

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nagam_aja@uomustansiriyah.edu.iq* Ibtisamabbas79@uomustansiriya.edu.iq**
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musawi@alkutcollege.edu.iq-ali.s.al
Abstract
The research aims to know the role of the National Insurance Company in achieving an assessment of the
reality of risk management in construction and industrial projects in Iraq, and what the reform process needs for
discontinued projects that are under construction after the insurance industry has realized how much the projects
need to cover to protect our Iraqi national economy. The research acquires its importance because the National
Insurance Company contributes to achieving development in construction and industrial projects with engineering
insurance. The research problem is summed up in knowing whether the insurance company can cover the
dangers in most projects with engineering insurance and whether it has a role in addressing the risks to which
the projects are exposed. The National Insurance Company was chosen as it is the largest company in Iraq
that practices engineering insurance within its organizational and geographical branches.
The research adopted the case study approach. The research tool was to analyze the performance of the
company in engineering insurance for the period (2004 to 2018) and use the checklist to find the size of the
gap between the expected risks in projects and the compensations in engineering insurance and the actual
reality in the company using some statistical methods and tools. The research reached to some conclusions,
the most important of which is that the engineering insurance gap reached (13.5%), which is a good percentage
indicating the company's strengths and that the emergence of this gap is due to the disparity in premiums due
to reasons including energy and oil projects premiums, which are not typical, as a plan is prepared by the client
each year according to the work schedule, as the size of the premium varies with the amount of work performed.
Keywords: Industrial and Construction Project Risk Management, National Insurance Company, Engineering
Insurance
Introduction
The National Insurance Company in Iraq faces a variation in premiums and compensations during its work.
Hence, the research problem has emerged as (can insurance companies cover the risks of engineering
insurance in Iraq, and do they have a role in addressing the risks to which the projects are exposed), because
the company is linked to the movement of construction and reconstruction projects industrialization and the need
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of projects to provide insurance protection. To reach the research goal of the National Insurance Company’s
contribution to achieving development in construction and industrial projects in Iraq, the National Insurance the
research community was chosen, and the authors relied on a checklist using some statistical methods and tools
represented by iterative distribution, percentages and arithmetic mean of the items, and determining the level of
answers for each of which. The researchers focused on studying the subject from the first (theoretical) and the
second (practical) aspects. The first topic included the research methodology. The second topic is concerned
with the first variable of risk management for engineering projects in terms of concept, importance and risk
management strategies for projects. The second variable is engineering insurance, its concept and its types.
While the third topic is concerned with the practical aspect of the reality of the national insurance company with
its premiums and compensation and the use of the check list and the presentation of research results and
analysis. Finally, the authors presented the conclusions and recommendations in the fourth topic.
The first topic: Research Methodology
First - The research problem: Constructional and industrial projects in Iraq suffer from many risks to which
they are exposed. Therefore, the research is interested in shedding light on an important topic related to the
work of these projects, which is engineering insurance. The authors found, through an analysis of the
compensation of the National Engineering Insurance Company, there was a variation in the value of premiums
and compensation during the period of (2004-2018). Therefore, the risk management in the company was
analyzed and the role of the National Insurance Company in managing the risks of the insured and constructed
industrial projects is analyzed through the following questions:
1- Can the National Insurance Company expect the risks to which construction and industrial projects are
exposed?
2- Can insurance companies cover the risks of engineering insurance in Iraq and reduce their losses?
3- What is the size of the gap between the anticipated risks and the actual reality in the projects from the
National Insurance Company?
4- What are the size of the engineering insurance gap and the actual reality in the company?
Second - The Importance of Research:
1- Knowing the extent of the National Insurance Company's contribution to anticipating risks in construction
and industrial projects in Iraq.
2- Proposing an insurance mechanism that contributes to controlling the risks faced by construction and
industrial projects.
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3- A statement of the reasons why insurance companies do not cover some of the risks in construction and
industrial projects.
4- Knowing the reasons for the fluctuation of compensation to which the National Insurance Company is
exposed.
Third: Research objectives:
1- To clarify the role of the National Insurance Company in controlling the risks to which construction
projects are exposed in Iraq.
2- To measure the growth in compensation concerning the premiums in engineering insurance in the
National Insurance Company.
3- Does the company have the ability to determine the causes of risks to which projects are exposed and
the reasons for fluctuating engineering insurance in the National Insurance Company?
Fourth - Hypothesis:
The research starts from a general hypothesis that "Is the National Insurance Company able to anticipate risks
in construction and industrial projects and contribute to reducing and covering them by paying compensation
with engineering insurance?"
Fifth - Research methodology and tool:
The case study was used to study the premiums and compensation and the relationship between them for the
period from 2004 to 2018, and the application of a checklist prepared by the authors as a major tool to
accomplish the research. Through reference to several scientific sources that dealt with the risks of project
management and engineering insurance (Abdul Hadi, 2014; PMBOK, 2017), and to convert the data collected
from the checklist into quantitative expressions, a Likert five-point scale was used to determine the risk and
engineering insurance gap to which the projects and engineering insurance compensation are exposed in the
National Insurance Company.
The second topic: theoretical framework
First - Engineering projects risk management
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The building and construction sector consists of a group of activities related to the work of buildings and
engineering constructions of all kinds, as well as maintenance work. This sector in Iraq faces many risks that
lead to the suspension of many projects in the implementation stage or delay in delivery and the increase in
cost and weakness in the quality of work. This required us to shed light on the risks of the projects, analyze
them, and put in place a strategy to reduce the risks they are exposed to and manage them properly.
Engineering project risk management concept
Risk management includes those activities and policies related to accessing specific methods to control risk and
reduce its size. It is a systematic process that helps in making decisions to identify, amend, evaluate and
address all types of risks to the organization (1996: 57: Patrick). Transferring risks to another entity, avoiding
them, minimizing their negative effects and accepting some or all of their consequences are important in
managing risks (Christopher & Audrey, 2010: 46). It also represents an administrative activity that aims to
control and reduce risks to acceptable levels (Bunni, 2003: 24). More precisely, it is the process of identifying,
measuring, controlling and reducing risks facing the project (Al-Husseini, 2007: 74). Likewise, the organization
addresses risks to improve project performance through diagnosis, evaluation and organized management of
the risk-related project (Adnan, 2016: 4).
1- The importance of managing engineering projects risks
The importance of risk management is as follows (Robert 4: 1986; Ahmed, 2009: 199; Michael, 2002: 4):
A- Reducing costs and hence increasing profits.
B - Entering into projects without fear of accidents and expanding into existing projects.
C- Preserving the assets and protecting the interests of investors and workers.
D- Control the risks and control the activities related to them, such as loans.
E- Reducing losses and securing them with immediate control or transferring them to external parties.
F- Reducing or preventing possible losses by preparing studies before they happen.
G-Enhancing the appropriate confidence of depositors, creditors, and investors by protecting its permanent
ability to generate profits despite any accidental losses that may lead to diminishing profits or not achieving
them.
2- Projects risk management strategies
Risk management strategies are the most important stage of the risk management and processing. Risk
management strategies can be categorized as follows:
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A- A strategy to avoid danger: It is not dealing in fields that involve certain hazards, such as a chemical
company doing experiments in a rural area, and it is possible to cause severe material damage to the
region and the insurance company refuses to cover these risks (Fewrer et al., 1995: 13). To avoid the
risk, the activity should be stopped completely to reduce the probability of the risk falling to zero (Farid,
2006: 206).
B- The risk reduction strategy: It is to take all possible measures to prevent or reduce the chances of
achieving the causes of risk and reduce their impact using various scientific and technological methods
and means and reduce the size of the expected loss by accurately forecasting them. To reduce the
impact of threats and losses resulting from them, certain measures should be taken such as industrial
security or through the wasted loss of an insurance contract, a sum is fixed that the contractor usually
incurs for the smallest amount that results from a compensation claim (Christopher and Audrey, 2010:
52). The amount of wasted loss depends primarily on the type of project to be insured, and sometimes
two types of wasted loss are applied (Rejda, 2008: 16), the first is applied in large accidents that result
from conditions of natural risks, such as floods and others, and the second type is applied in theft and
negligence, etc. (Slam and Shugairi, 2007: 44).
C- C- Risk Financing Strategies: It is the group of activities that provide the means and techniques
concerned with compensating for losses suffered by the organization to reduce risk, such as risk
preservation and risk transfer (Triki and Kamal, 2007: 16).
Second - Engineering Insurance:
Engineering insurance is one of the types of accident insurance, and because of the importance of this
type, global insurance and reinsurance companies have tended to establish consulting departments specializing
in engineering insurance. Accordingly, the insured pays a standard premium in the insurance policies, and the
engineers participate in its subscription under their construction experience in terms of building or knowledge of
complex machinery components.
1- The concept of engineering insurance
Engineering insurance provides adequate and comprehensive protection for damages and losses that may
befall the contract or equipment and machinery as well as material and physical damages to others, as it covers
damage to building materials, equipment and materials needed for the project during temporary storage or
during installation and transportation (Richard, 2004: 7). It also provides coverage against all possible dangers
to obtain compensation for all sudden damage during the insurance period for the insured things (Al-Saabi, 4:
2010). Engineering insurance is defined as a group of property and civil liability insurance that aims to protect
various industrial projects, whether they are constructional, transformational, or extractive from material losses
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arising from damage to machinery, equipment, devices, installations, and buildings, whether it is in the
construction and testing stage or the actual operation stage (Al-Azzawi et al., 1991: 14).
2- Types of engineering insurance
This type of insurance includes controlling risks that face works during the project implementation period,
such as risks to contractors and the place of insurance in which the value of the contract, which are represented
in the permanent and temporary work that the contractor performs at the worksite and the equipment and
materials he uses in the work (Anders, 2004: 15). The contractors' risk document provides cover to damages
from the force majeure caused by (floods, torrential rains, rain, explosion, wind, storms, earthquakes, volcanoes
... etc.), and the dangers that are subject to humans such as (fire, collapse, total and partial consolidation, side
movements of the soil, and damage to civil liability) (Al-Wardi, 1999: 162), or the dangers to which machines
and equipment are exposed during the installation as a result of negligence or willful actions by the non-insured
or his representatives (Al-Saffar, 78: 1979), or business insurance after completion of the project that is due to
lack of experience, negligence or willful damage, weather hazards, design flaws, installation risk to machines
and the like (Al-Ammar and Mustafa, 2006: 86). This insurance also covers external information means,
increased costs and business expenses (Azzam, 2012: 55).
Projects usually begin with an economic feasibility study and are covered by one of the non-renewable and
renewable engineering insurance policies (Anthony, 2010: 14). To set insurance premium rates, the specificity
of each project is considered in terms of (Andrew, 2006: 3):
1- Surface characteristics of the project site and water distribution conditions.
2- The extent of exposure to natural hazards.
3- Precautionary measures for firefighting.
4- In addition to several other technical factors related to the nature of construction.
These factors affect the price of the insurance premium, and the pricing is based on experiences and statistical
analyzes that help the insurance office in estimating the risk, by relying on information that the insured dictates.
The insurance service pricing also depends on economic and technical information and his experience in risk
management, after which the value of the premium can be determined mathematically by the product of the
premium rate that is determined by the insurance company in the insurance value, the amount agreed upon
between the insurance company and the insured, which includes determining their obligations (Bearly, 1982:
4).
The third topic: The Practical Side
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1- The historical data of National Insurance Company was analyzed for Engineering Insurance Portfolio for the
years (2004-2018) as clarified in Table (1):
Table (1): Premiums and compensation for the National Insurance Company according to the Engineering
Insurance Portfolio in Iraqi Dinars (amounts in thousands of dinars)
Year
Realized
premiums
Growth rate in
premiums
Compensation
paid
Ratio of compensation
to premiums
331098
0
83042
0.25
1059138
2.19
55197
0.05
2169897
1.04
205422
0.09
2831441
0.30
85524
0.03
4216994
0.48
68561
0.01
4009529
-0.047
20022
0.004
7240754
0.80
84440
0.01
8540101
0.17
67174
0.007
6041370
-0.29
138390
0.02
12973319
1.14
199407
0.01
1850792
-0.85
292897
0.15
1478325
-0.20
346044
0.23
2933222
0.98
3209
0.001
17343580
4.91
27234
0.001
15024339
-0.13
668
0.00004
17343580
For the year 2017
4.91
For the year 2017
346044
For the year 2015
0.25
For the year 2004
331098
For the year 2004
-0.85
For the year 2014
668
For the year 2018
0.00004
For the year 2018
From Table (1) there is a clear variation in premiums and directly during the years (2004-2018). The decline
in 2014 is due to that most of the state budget is operating and not investment, which led to the near absence
of new projects. Most of the disparities in premiums are due to reasons, including energy and oil projects that
are atypical, where a plan is prepared by the insured each year according to the business presentation schedule,
where the size of the premium varies with the amount of work performed and as shown in Figure (1):
Figure (1) Engineering insurance risk premiums for the years 2004-2018
0
50000
100000
150000
200000
2004
2006
2008
2010
2012
2014
2016
2018
ةلسلس1
8
As for the compensations, they are not regular during the research years due to the instability of the security
situation, the many dangers, and the acceptance of new insurances in which the company’s experience
decreases, as shown in Figure (2).
Figure (2) Engineering insurance risk compensation according to the years 2004-2018
2- Presentation and analyzation of the results of the checklist:
First - Project risk management:
Risk management is the safety valve for each project as it prepares the initial, implementation and future studies
to manage project funds and sets the expected possibilities to reach specific means to control the risk and
reduce its size for decision-making and evaluation and treatment of all types of project risks. By reviewing the
results of the checklist to manage the risks of engineering projects, it is clear from Table (2) that the percentages
and values of the answers to the checklist related to risk management for projects are good, although there is
a gap of (9.6%) that the gap is caused by paragraph (3), which means that the administration does not pay
attention to the form dedicated to classifying the risks to the project in potential emergencies, which may lead
to a lower level of engineering project risk management, due to which causes are beyond the control of the
company.
Table (2) Risk management checklist for engineering projects
The company owns the following for insurance purposes on projects submitted
to it:
Fully
applied
Partially
applied
Somewhat
applied
Poorly
applied
Not
applied
1- A plan for determining the types of risks based on a detailed study of the
project
/
2- The methods and strategies according to which the project risks are reduced
/
3- A dedicated form to classify the risks to the project in potential emergencies
/
4- A timetable for completion percentages when starting projects
/
5- Precise competencies and disciplines to predict project-related risks
/
6- A database on risks related to previous and similar projects for the proposed
project
/
7- The possibility of relying on external consulting to determine the risks for
new projects that the company has not previously dealt with
/
8- Tools for evaluating the impact of potential risks on the objectives of the
proposed project
/
9- Technical and administrative capabilities to measure risk
/
10 - Tools for the qualitative and quantitative analysis of the potential risks for
each project separately
/
11- Experience and perceptions of methods of dealing with potential hazards
when they occur
/
0
100000
200000
300000
400000
2004
2006
2008
2010
2012
2014
2016
2018
ةلسلس1
9
12- Insurance contracts that provide data from the owners of projects and that
are related to risks when they occur.
/
13- Annual budget that includes sums allocated to meet contingency plans to
address unexpected risks.
/
Iterations
9
3
1
0
0
Weights
4
3
2
1
0
Result (iterations x weights)
36
9
2
0
0
Arithmetic mean (approximate average)
3.6
Match percentage
90.4%
Gap
9.6
Second - Engineering Insurance:
It is a group of property and civil liability insurance that aims to protect the various industrial projects to achieve
sustainability for future generations, whether they are constructional, transformative, or extractive from material
losses arising from the damages resulting from the projects stopping and the lack of actual operation. By looking
at the results of the checklist for managing the risks of engineering projects, it is evident from Table (3) that
item (13) got the lowest degree and this is due to the company not using the expertise of its producers when
pricing engineering insurance risks, meaning that the ratios and values of the answers to the checklist related
to engineering insurance are good, although there is a simple decrease of (13.5%), which may lead to a slight
decrease in the level of engineering insurance, due to some reasons including the instability of the security
situation in the country.
Table (3) Engineering Insurance Checklist
For the engineering insurance the company owns the following:
Fully
applied
Partially
applied
Somewhat
applied
Poorly
applied
Not
applied
1. A database of compensation that can be payed
/
2. A program of specialized training courses to identify engineering insurance
risks
/
3. Various programs to determine the causes of deviations in engineering
insurance
/
4. Most of the compensation is due to the presence of exaggerated fraudulent
compensation claims
/
5. Engineering and technical consulting to reduce compensation within the
framework of engineering insurance
/
6. Technical studies using indicators for the purpose of setting limits and
amounts of retention
/
7. Studies of the risks involved in dealing with reinsurers significantly affect the
planned reinsurance program
/
8. The necessary expertise and knowledge programs in reinsurance risk
management strategies
/
9. A high minimum of the amount of lost waste is imposed on the engineering
project management
/
10. List of engineering insurance pricing according to risks
/
11. Great difficulties in reinsurance
/
12. List of accidents resulting from natural hazards related to engineering
insurance
/
13. Use the expertise of its producers when pricing engineering insurance risks
/
Iterations
9
2
1
1
Weights
4
3
2
1
0
Result (iterations x weights)
36
6
2
1
0
Arithmetic mean (approximate average)
3.5
Match percentage
86.5%
Gap
13.5%
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The fourth topic: Conclusions and Recommendations
First - Conclusions
1. The discrepancy in the premiums is due, among other reasons, to the atypical energy and oil projects, as a
plan is prepared by the insured each year and according to the schedule of work presentation, where the size
of the premium varies with the amount of work performed.
2. It is noticed that the compensation is not regular during the period approved by the researchers in the study
due to the instability of the security situation and the many dangers and the acceptance of new insurance in
which decrease the company’s experience.
3. The authors noted through the company's review that there is no specialized risk department to help it in
developing its activities, and the necessity of creating a specialized department on the map of the organizational
structure of the company.
4. The company's management is still working in light of routine controls and procedures which hinder its
development, and it faces great difficulties and pressures in engineering re-insurance, causing it confusion in
the management of engineering risks.
6. The failure of private insurance companies to rely on criteria to determine the price of the risk and thus
determine low premiums compared to government insurance companies, which attracts the insured (customers)
and this is considered one of the reasons for the variation in the premiums.
Second-The Recommendations
1- Reducing institutional control of senior management helps in flexible implementation of risk management
strategies.
2- Maintaining the few advanced cadres remaining in the company because they have experience and
efficiency in engineering insurance by contracting them as experts or consultants as needed.
3- Relying on experts specialized in engineering insurance, which assists the company in pricing, estimating
and probing the risks.
4- Benefiting from the experience of reinsurance companies and transferring their expertise.
5- Reducing the leakage of hard currency outside the country through the reinsurance process.
6- Insurance is a means that does not prevent losses from occurring but rather attempts to mitigate the
damages resulting from the occurrence of insured risks. Therefore, it becomes important to take
adequate means of prevention and protection to reduce or limit losses when they are realized, and
insurance companies must take methods that help the construction projects management to anticipate
and reduce risks as follows:
A. A detailed study should be provided to assess the main risks in each project to work on its non-realization
or to reduce its loss when it is realized, and to provide advice and consultancy to the insured.
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B. Increasing the premium prompts the project owners to take means to prevent risks, which drives the
insured to improve these methods and raise their degree of efficiency to reduce the premium.
C. Increasing compulsory bearing to reduce simple claims to reduce administrative burdens and to improve
the experience of claims in this area. The high amount of bearing drives the insured to take the means of
prevention and protection and work to reduce moral hazard.
D. The insured’s participation in bearing some loss, which causes the insured to take appropriate prevention
and protection methods.
H. Providing engineering consultancy and advice for the insured to work to prevent the danger from occurring
or reduce the loss when realized.
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12
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Book
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 for undertaking work, be they design, construction, supervision or operation, or any combination of them. This thoroughly revised edition of Nael Bunni’s successful book, formerly called 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 the area and provide further examples of events which could occur on what can be viewed as the most risky human work activity, namely construction. New chapters are also added to deal with the insurance clauses of the many new standard forms of contract published in 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.
Book
The term "project finance" is now being used in almost every language in every part of the world. It is the solution to infrastructure, public and private venture capital needs. It has been successfully used in the past to raise trillions of dollars of capital and promises to continue to be one of the major financing techniques for capital projects in both developed and developing countries. Project Finance aims to provide: *Overview of project finance *Understanding of the key risks involved in project finance and techniques for mitigating risk *Techniques for effective evaluation of project finance from both a financial and credit perspective The author differentiates between recourse and non-recourse funding, tackles the issues of feasibility, identifies the parties normally involved with project finance plans, and details techniques for realistic cash flow preparation. *Inspired by basic entry level training courses that have been developed by major international banks worldwide *Will enable students, and those already in the finance profession, to gain an understanding of the basic information and principles of project finance *Includes questions with answers, study topics, practical 'real world' examples and an extensive bibliography.
Department of Risk and Insurance), an introduction to the Faculty of Commerce, publications of the Faculty of Commerce
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Ahmed, Hamza Mamdouh, (2009), (Department of Risk and Insurance), an introduction to the Faculty of Commerce, publications of the Faculty of Commerce, Cairo.
Design and construction of a risk management information system in industrial companies -a case study at the Al Furat State Company for Chemical Industries) unpublished master's thesis
  • Al-Hussaini
Al-Hussaini, Rakia Jawad Naji, (2007), (Design and construction of a risk management information system in industrial companies -a case study at the Al Furat State Company for Chemical Industries) unpublished master's thesis, Department of Operations Technology, Technical College, Baghdad.
Engineering Projects Insurance), Insurance Mirror Magazine
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  • Muhammad
Al-Saabi, Muhammad, (2010), (Engineering Projects Insurance), Insurance Mirror Magazine, Issue 10, Ramallah, Palestinian Federation of Insurance Companies, Palestine.
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Al-Saffar, Muayyad, (1979), (Mechanical and Electrical Damage Insurance) Insurance Letter, No. 39, General Insurance Institute, Baghdad.
risk management evaluation for construction projects in Diyala governorate using the preferential system similarity technique
  • Nidal Adnan
Adnan, Nidal, (2016), (risk management evaluation for construction projects in Diyala governorate using the preferential system similarity technique), Journal of Engineering and Sustainable Development, Volume 20, No.
  • Leila Azzam
  • Abdel-Jabbar
Azzam, Leila Abdel-Jabbar, (2012), (Lectures on Engineering Dangers), Egypt Insurance, Misr Insurance Institute, Egypt.