UBEZPIECZENIE JAKO METODA ZARZĄDZANIA RYZYKIEM W PROCESIE REALIZACJI INWESTYCJI BUDOWLANEJ
INSURANCE AS A RISK MANAGEMENT METHOD IN THE IMPLEMENTATION OF A CONSTRUCTION INVESTMENT

Summary/Abstract: Background: The subject of the research is the risk of construction investment project and the importance of insurance as an instrument that reduce or eliminate the cost of loss or effect of loss caused by different types of risks.Research purpose: The main objectives of the article are: to assess the insurance as a method of risk management used by Polish enterprises, to identify key risks threatening the implementation of the investment at every stage of the construction process, to characterize the most important insurance products available for investors and construction companies on the Polish insurance market and to verify if their scope cover the risks related to construction projects.Methods: The article is based on the literature studies, analysis of statistical data and avail- able survey results, analysis and comparison of the General Terms and Conditions of Insurance relating to products available on the Polish insurance market, contract templates provided by investors as part of tender procedures, as well as Author’s own professional experience and many years of Polish insurance market and customers behavior observation.Conclusions: During the research it was confirmed that more and more entrepreneurs are aware of the growing risk of business activity and implement a risk management policy in their compan- ies, which include insurance. In addition, it has been proven that the implementation of a construc- tion investment is a complex process, burdened with a high risk of its failure at every stage and requires to take many actions by investor to properly protect himself in case of damage. Insurance is an important element of a construction investment risk management strategy, especially at the design and implementation stages. Due to the problems currently faced by the construction sector in Poland, it is important to remember to reevaluate the costs of construction contracts and incre- ase the sum insured in the policies. With the prices of building materials and labor costs in this sector rising so fast, many constructions may be underinsurance, which in the case of damage will result in limiting the value of compensation.

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