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APPRAISAL OF INSURANCE
POLICY INDIGENOUS CONSTRUCTION COMPANIES IN NIGERIA
ABSTRACT
This research is carried out to appraise the insurance policy
by indigenous construction companies in Nigeria, the main objective of the
researcher is to give a concise analysis of the existence of their importance
and the need of insurance policy in indigenous construction companies in
Nigeria, The method of evaluation used were questionnaires administered and
relevant literature were reviewed. The finding of this research shows that
deficiencies in the full implementation of the insurance policies and enforcement
of the insurance act by indigenous construction and factors militating proper
application of the insurance policies. It therefore recommends that the level
of awareness of insurance services should be increased and government should
control and monitor the implementation and enforce the insurance act.
CHAPTER ONE
1.0
INTRODUCTION
1.1 BACKGROUND
Based on the appraisal of insurance policy by indigenous
construction companies, they do away with anything that could breach their
agreement as it is stipulated, especially things that can cause delay or
abandonment of project. But never can tell, at the cause of the work in the
site. The contractors can come across one problem or the other as a result of
the accident, There has been a considerable interest in the concept of risk in
recent years, with the perception that we live in a” risky society” for
example, severe damage of mechanical plant or equipment, injury to workers,
damage on constructed work and other circumstance that is beyond controls.
However the need is obvious for every indigenous construction companies, to
prepare themselves by registering with any of the insurance companies, in case
of unforeseen circumstances like accident occurrences, damages on construction
work.
The field of experience has shown that many indigenous
construction companies and business organization are not aware of the
relationship between indigenous construction companies and insurance companies,
because of lack of information. The concept of this research is to bring out
the point of emphasis on the benefit of insurance companies to indigenous
construction companies. Moreover ,few construction companies among other were
said to have relent in their obligatory effort to insure their, building
project, properties because of in diligent attitude of insurance companies,
this is because of the financial weakness of some of the insurance companies.
National insurance commission had force the insurance
companies to increase their capital in other to meet up with the need of their
policy holders. According to workshop held at muson centre Lagos recently, It
is now mandatory for any development of project to be covered by insurance
policy either small or complex project.
1.1 THE NEED OF
THE STUDY
The importance of insuring properties during construction
work need to be emphasized as this determine the success of a project, also the
irregularities between the indigenous construction companies and the insurance
policies need to be settled, now the need of the study will encourage the stake
holder, the indigenous companies the need to insure their projects, properties
and product, so that it will define the roles of insurance companies in any
project execution in the country.
1.2 STATEMENT OF
THE RESEARCH PROBLEM
The research intends to admit the following point,
Why do some indigenous construction companies under take
project development or execution without insurance policies?
Why are indigenous construction companies suffering from
delay in the payment of claims?
Frustration in the insurance business on the part of the
indigenous construction companies?
Lack of awareness by the indigenous construction companies
1.3 AIM AND
OBJECTIVES OF THE RESEARCH
1.3.1 AIM
The aim of this research is to appraise the benefit or
importance of insurance policy to indigenous construction companies in Nigeria.
1.3. 2 OBJECTIVES
To identify the factors militating against proper application
of insurance policies by indigenous construction companies
To identify the types of insurance scheme commonly operated
in indigenous construction companies
To appraise the duties of insurance companies to indigenous
construction companies.
To examine the existing insurance policies.
To assess the level of awareness of the insurance policies by
indigenous construction companies
1.4 METHODOLOGY
In order to evaluate the efficiency of insurance policy to
indigenous construction companies, there were review of related literature,
google, site visit, internet and articles, magazines, textbooks and journals
used to provide some part of this write up. Also questionnaire will be sent to
organization/companies to obtain practical data on the subject matter.
1.4.1 DATA COLLECTION
These are data specifically collected by the researcher for
the purpose of the report.
Data where collected through the following sources:
Direct personal observation
Oral interview
Telephone conversation
Questionnaire
1.4.2 ANALYSIS
Statistical method that were used to analyze the data include
frequency distribution and simple percentage
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