Journal of the Korea Institute of Building Construction (한국건축시공학회지)

The Korean Institute of Building Construction (한국건축시공학회)
권호 표지
DOI QR코드

DOI QR Code

A Basic Study on the Introduction of Professional Indemnity Insurance for Construction Project Managers

  • Cho, Young-Jun (Department of Architectural Engineering, Joongbu University)
  • Received : 2012.04.03
  • Accepted : 2012.08.06
  • Published : 2013.04.20
Download PDF
⟨ Previous Next ⟩

Abstract

During the administration of a construction project, various types of participants are engaged in the project. From the design phase to the maintenance phase, these participants may confront many risks. To avoid these risks, participants should utilize an insurance company or a bond company. The types of risks and liability that a construction manager may face are listed in the construction law or contract. But there are some arguments related to risk transferring and the content of risks. For this reason, construction managers must carefully consider any possible risks in the contract and the construction law. Therefore, for construction managers to deal with risks appropriately, the introduction of a legal requirement to carry professional liability insurance, a defined compensation range for damages, a method of guarantee in the event of defects, a defined compensation claim period for damage, and a method of damage claim were suggested in this study.

Keywords

References

  1. Park JK. Geonsul Chaekim Ron[Construction Liability]. 1st ed. Seoul(Korea): Dongwha Tech; 2001. Chapter 7, Professional Indemnity Insurance; 371 p.
  2. Lee YH, Choi JH, A Study on the Improvement of Engineering and Construction Supervision Guarantee System in Korea, Korean Journal of Construction Engineering & Management, 2011 May;12(3):52-53. https://doi.org/10.6106/KJCEM.2011.12.3.53
  3. Kim YH, Choi BH, Oh CS, Kim SS, Cho YJ. Introduction and Enforcement of Design Professional Liability Insurance. Seoul(Korea): Korea Institute for Health and Social Affairs; 1996 Nov. 171 p. Report No.: 96-11.
  4. Ministry of Land, Infrastructure and Transport. Notice of Total Revision of Construction Technology Management Act[Internet]. Gwacheon (Korea): Ministry of Land, Transport and Maritime Affairs; 2011 Nov 8-2011 Dec 29 [cited 2012 Mar 29]. Available from : http://www.mltm. go.kr/USR/law/m_46/dtl.jsp?r_id=2700.
  5. Lee JK, Lee ES, Bin JI. Problems and Policy Alternatives of Construction Guarantee Market Opening[cited 2012 mar 29]. In: Problems and Policy Alternatives of Construction Guarantee Market Opening.pdf[Internet]. [2009 Nov]- .[about 5 p.]. Seoul(Korea): Korea Research Institute for Construction Policy and Construction Economy Research Institute of Korea; Available from : www.ricon.re.kr/html/download.php?seq=1388&no=1.
  6. Cho YJ. Risk Management Strategy : Professional Liability Insurance for Design Works, Journal of the Architectural Institute of Korea(Structure and Construction Division). 1996 Oct;12(10):305-17.
  7. Kwak YJ. Chae Gweon Bub(Minbub Gangeui IV)[Contract Law(Civil Law Lecture IV)]. 4th rev. ed. Seoul(Korea): Bakyoungsa, 1999. Chapter 2, Introduction of Contract1; p. 5
  8. Dorroh P, Whisenand M. Understanding Your Claims-Made Professional Liability Insurance Policy. [cited 2012 Jan 29]. In: eact-dorroh-whisenand-claims.pdf[Internet]. [2000]- . [about 1 p.]. NY: Marsh. Available from : http://www.soa.org/files/pdf/.