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APPRAISAL OF
INSURANCE POLICY IN 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 literatures 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.
TABLE OF
CONTENT
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 policyholders. 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.
1.2 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.
1.3 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
1.4 AIM AND OBJECTIVES OF THE RESEARCH
1.4.1 AIM
* The aim of
this research is to appraise the benefit or importance of insurance policy to
indigenous construction companies in Nigeria.
1.4.2 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
1.5 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.
1.5.1 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
1.5.2
ANALYSIS
Statistical
method that were used to analyze the data include frequency distribution and
simple percentage
1.6 SCOPE AND LIMITATION
This study
is limited to various insurance policies employed by indigenous construction
companies in Nigeria with reference to the Jct form of contract. The research
will cover Abuja FCT metropolis and it’s limited to indigenous construction
companies in Nigeria.
1.7
DEFINITION OF TERMS
INSURANCE-
is defined as a contract whereby an insurer agrees, in consideration of the
premium paid by the insured against loss of the happening of certain events
(Barley 2002)
PREMIUM –
It’s an amount which is paid to insurance company by individual, indigenous
companies to insure their properties or an amount which you pay once or regularly
for an insurance policy, this amount can also be added to the basic rate.
INDEMNITY –
is a sum paid by A to B by way of compensation for a particular loss suffered
by B .can also is seen as a means of protection against damages or especially
in the form of promise to pay for anything that happened. An indemnity is a
kind of insurance, in which payment is made (often in previously determine
amounts) for injuries suffered, not for the costs of recovery. The indemnity
payment is designed not to be a dependent on anything the patient can control.
From the point of view of the insurer, the indemnity mechanism avoids the moral
hazard problem of victim spending too much in recovery
CHAPTER TWO
LITERATURE
REVIEW
2.0
INTRODUCTION
The
construction industry, which is vital to growth and development, is one of the
oldest in the world, indeed as old as civilization it’s self. Construction
activity forecast the general direction of an economy and for these reason, the
industry is often described as a leading economic sector. These indicate the
significance of construction industry across generation and developmental
stages.
Nigeria
construction sector account for 1.4% of its GDP despite the fact that growth
has been observed in the construction sector output, it contribution to total
GDP has remain at abysmally low level(1) in 1981,the construction sector
accounted for 5.8% of Nigeria GDP in the last three decade.
Nigeria is
away below realizing its potentials in construction industry despite huge
deficit in infrastructure due to the inability of the government and insurance
firm to assist the indigenous construction companies, Nigeria constructions
companies is dominated by foreign companies in which most of the construction
work are been undertaken by expatriate. This is due to deficiencies and in
capability of the indigenous companies in area of financial effectiveness,
innovation, dynamism among other
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