Volume 04 Issue 06-2024
26
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
26-32
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
ABSTRACT
It is clear that the implementation of construction projects is not safe and spontaneous. In most cases, an incorrect
assessment of the current situation in construction, errors in the application of construction technologies and
calculations, as well as imperfection of the primary documents permitting construction, lead to risks in construction.
In order to prevent construction risks when designing construction projects, it is necessary to take into account the
necessary insurance from the economic and technological side. Therefore, during design, costs are calculated,
estimates are drawn up, technical and economic aspects of construction are analyzed, and then provided to insurance
companies to determine insured amounts. This serves as a necessary measure to allow the client to avoid construction
risks, especially those associated with loss of property.
KEYWORDS
Construction risks, design, construction and installation works, insurance.
INTRODUCTION
The socio-economic development of the country
cannot be imagined without construction. In any
region of the republic you will witness the construction
of multi-storey residential complexes, social facilities
Research Article
INSURANCE OF CONSTRUCTION OBJECTS AGAINST CONSTRUCTION
RISKS IS ONE OF THE EFFECTIVE METHODS OF RISK MANAGEMENT
Submission Date:
June 09, 2024,
Accepted Date:
June 14, 2024,
Published Date:
June 19, 2024
Crossref doi:
https://doi.org/10.37547/ijmef/Volume04Issue06-04
Mirzayev Baxtiyorjon Obokulovich
Head of the Department of Civil Engineering, Andijan Institute of Economy and Construction, Uzbekistan
Journal
Website:
https://theusajournals.
com/index.php/ijmef
Copyright:
Original
content from this work
may be used under the
terms of the creative
commons
attributes
4.0 licence.
Volume 04 Issue 06-2024
27
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
26-32
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
and industrial enterprises. It is clear that the
implementation of construction projects is not safe
and spontaneous. In most cases, an incorrect
assessment of the current situation in construction,
errors in the application of construction technologies
and calculations, as well as imperfection of the primary
documents permitting construction, lead to risks in
construction.
Main part
. Construction risks can be associated with
uncertain situations. However, risk is the likelihood of
it happening and cannot be ignored.
Risks in construction
can be global (large-scale) or
local in scope [1]. Of course, it all depends on the place
of work and the economic situation. Risks in
construction have their own indicators and criteria, and
it is important to have a clear understanding of them.
Failure to properly assess or account for risks can lead
to various frustrations during the construction or
operation of projects.
For example: on September 16, 2023, on the Tashkent-
Jizzakh section of the 10-kilometer A-373 highway of
international importance, passing through the territory
of the Okoltinsky district of the Syrdarya, a crack
appeared in 5 beams of the intermediate device. Cracks
on the bridge appeared as a result of heavy truck
traffic. The beams of this bridge broke and the
Tashkent-Termiz highway was temporarily closed [3].
Picture 1. In the Akaltin district of the Syrdarya region, a bridge broke and the road collapsed.
Volume 04 Issue 06-2024
28
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
26-32
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Preventing risks and losses in construction requires
builders to learn something new every day, pay
attention to something, be aware of many industrial,
technical and economic innovations, and always work
on themselves and learn. In addition to being highly
skilled professionals, builders also need to understand
many other areas of their job. Builders, despite their
extensive experience and qualifications, must be
apprentices throughout their careers in order not only
to have a personal advantage over their colleagues,
but also to serve to meet customer requirements.
Risks in construction are the main factor in the
relationship between the developer and his customer
related to the implementation of design, survey and
construction processes. At the same time, useful or
dangerous situations begin to arise at different levels.
Another example: on August 12, 2023, by order
of the United Support Service Investment Company of
the Tashkent City Hall, Bridge Construction Trust UK is
constructing a road leading to the Islam Karimov
Tashkent International Airport from Babur Street in the
Yakkasaray district the city of Tashkent and Sadyk
Tolipov Street. This happened at the site of the
reconstruction of a highway overpass, which allows
you to drive up and down the hour based on modern
construction standards. When installing intermediate
reinforced concrete devices (hammers) using a crane,
5 hammers accidentally fell from the installation site
[5]. According to the authorities, this situation resulted
in budget losses in the amount of 2 billion 760 million
soums [4].
The examples show that the construction and
operation of construction projects are not without
risks and dangers. During the construction period and
during the operation of construction projects,
unforeseen situations may arise. In the current
situation, the most important task that interests us is
to prevent and ensure the occurrence of construction
risks during the construction process, during
construction, installation and repair work. To carry out
this work, we need the same insurance companies and
cooperation with them.
Volume 04 Issue 06-2024
29
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
26-32
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Picture 2. Five beams of an overpass under construction near the airport in Tashkent collapsed.
Let's look at the term “risks in construction” and give
it a definition. Risk itself is a danger, a failure, a wrong
situation that can result in losses and shortages.
To assess risks in construction, it is necessary to
analyze each stage:
Stage I: Development of pre-design and design and
estimate documentation.
Stage II: Construction and installation and construction
and production processes
Stage III: Installation of technological processes and
equipment
Risks in construction, like any other risks, are negative
phenomena. Therefore, in order to avoid risks
associated with the operation of constructed buildings
and structures, it is necessary to carefully study the
territory before starting construction. Obtaining
engineering-geological and climatic details of the area,
information about seismic activity and engineering
research - the composition of the earth and subsoil,
studying groundwater levels, connections with the
lithosphere, atmosphere, hydrosphere and even space
get rid of risks in time.
Volume 04 Issue 06-2024
30
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
26-32
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
Some conditions for the emergence of risks are
associated
with
economic,
political,
legal,
sociocultural, scientific and technical environmental
factors, as well as with various methods of corporate
governance, employee motivation, and the quality of
use of marketing and logistics at the enterprise [2].
These factors influence the activities of many
participants in the construction market.
The occurrence of construction risks can be grouped
as follows:
Background information
–
pre-project documentation
is not ideal;
Design
–
short design time and low cost of developing
design and estimate documentation;
Construction quality
–
delays in updating codes and
regulations, requirements and standards;
Time
is the unreality of determining the construction
period;
Materials
–
disproportion of quality indicators and
prices of building materials and structures;
Costs for construction participants
- untimely
execution of mutual settlements between the
customer,
designer,
general
contractor
and
subcontractor and suppliers;
Testing of building materials
- unreliable testing of
building materials, products and structures, the
presence of fake quality certificates;
Control
–
a large number of entities controlling
construction, and unreasonable interference of
residents not related to construction;
Labor resources
–
lack of production capacity and
inexperience of contractors;
Relationships
- interruptions in the provision and
performance of other services.
In modern society, construction risks, if they are
associated with long-term and short-term, acceptable
or significant risks in construction, are determined by
the level of personal decision-making by the client
about the amount of possible losses.
Also, most importantly, to prevent construction risks,
it is necessary to take into account the necessary
insurance from the economic and technological side
when designing construction projects.
Construction risks
were discovered during the Industrial Revolution under
Adam Smith, the founder of political economy, who focused consumer attention
on insurance that guaranteed at least material compensation for damage.
It should also be taken into account that the size of the
financial portfolio of insurance companies is limited,
since insurance is not a charity. Therefore, during
design, costs are calculated, estimates are drawn up,
technical and economic aspects of construction are
analyzed, and then they are submitted to insurance
Volume 04 Issue 06-2024
31
International Journal Of Management And Economics Fundamental
(ISSN
–
2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
26-32
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
organizations to determine insured amounts. This
ensures that the client has the necessary measures to
prevent construction risks, especially risks associated
with loss of property.
Few people succeed in insuring all construction risks,
because insurance companies do not want to take on
such responsibility and understand the intricacies of
construction. Also, the construction budget is
measured by the amount of solid insurance, despite
the fact that risks in construction are an irregular
process.
The most convenient form of maintenance, in which
engineering research is not very expensive, is turnkey
maintenance of the facility. When all the client’s tasks
are solved comprehensively, and construction is
carried out in stages, there are more guarantees to get
rid of unforeseen dangerous situations. This allows the
general contractor to ensure compensation to insurers
in the event of unexpected losses on object.
RECOMMENDATIONS AND SUGGESTIONS
It is desirable to increase the customer’s interest in
order to prevent and reduce risks in capital
construction and minimize all losses as much as
possible. In this case, it is recommended to set up a
system for assessing situations that may happen to the
customer. In particular, regardless of the type and cost
of construction, it is necessary to reconsider the
procedure for construction insurance and its financing.
Responsibility for completing the construction of the
facility on time and putting it into operation should be
determined on the basis of mutual agreements and
contracts between the general contractor and
insurance organizations. Using the experience of
advanced and leading countries of the world, it is
desirable to develop and implement a mechanism for
the attractiveness of insuring construction projects
against construction risks for insurance companies.
This will prevent the artificial rise in price of
construction goods and services during the
construction process and the incompleteness of the
construction project, as well as ensure economic
efficiency.
REFERENCES
1.
https://stroy-trading.ru/information/article/463-
Riski-v-stroitelstve
2.
http://intjournal.ru/faktory-i-istochniki-riska-
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https://kun.uz/20080404
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https://kun.uz/uz/news/2023/08/13/toshkentda-
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5-ta-tosini-qulab-tushdi
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(ISSN
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2771-2257)
VOLUME
04
ISSUE
06
P
AGES
:
26-32
OCLC
–
1121105677
Publisher:
Oscar Publishing Services
Servi
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