Fundamentals of Construction Risk Management and Insurance

Overview

Insuring construction projects and contractors can be challenging. Identifying the exposures begins with understanding the risk management process and how it can be used to determine insurance needs and develop an effective program to manage and insure the loss exposures of most concern. 

This course provides a general overview of the risk management process, including the loss exposures of most concern to contractors and the risk management tools that are used to treat them. It discusses the common features of property and casualty insurance policies that govern who is covered and what is covered. The property and casualty insurance coverages that contractors typically buy are described along with a review of how they match up with the important exposures.

Learning Objectives

Upon completion, students will be able to:

  • identify the primary risks of loss faced by construction companies and apply the risk management process in managing these risks
  • distinguish among the various techniques used to manage risk, including risk retention, contractual risk transfer, risk control, insurance, and risk finance
  • identify the essential elements of commercial general liability (CGL), commercial auto, workers compensation, umbrella liability insurance, builders risk, contractors equipment, commercial property, and commercial crime insurance
  • recognize the essential elements of coverages, rating plans, and alternative market risk finance approaches  

Designed For

Property and casualty insurance agents, brokers, and adjusters at any level in their career
International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.
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