“Now, more than ever, consultants need to turn their minds to the question of risk management.” Graham Watts OBE, Chief Executive of Construction Industry Council (CIC).

Over the years we have produced several publications highlighting the significant areas of risk faced by construction consultants. Our aim is to help control the cost of professional risk by sharing examples of actual claims so that lessons can be learned.

Our risk management publication ‘Reinforcing the Simple Messages’ highlights some of the professional risks most commonly encountered in the construction sector.

Although the idea is an anathema for many professionals, the most basic cause of claims against them is a defect in the services they have provided – many years of handling claims on behalf of our clients have shown that problems arise today from much the same sources as they have in the past.

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One of the most interesting facts about the Irish Construction industry is that there is no legal requirement for a construction company to hold any from of construction insurance! In fact, the only insurance an Irish contractor is legally obliged to have is basic motor insurance on his/her motor vehicles!

Although there is no legal requirement under Irish law for a contractor to hold adequate Construction Insurance it is extremely important that adequate cover is in place.

One of the most important reasons is the high injury & mortality rate on Irish Construction sites. One major positive of the recent construction boom is the fatality per thousand ratio has fallen in recent years although it is still at an unacceptable level.

For example, in 2001 28% of workplace fatalities were Construction related and the Irish Construction industry is consistently second only to the Irish Agriculture& Forestry Industry.

As many primary contractors require their subcontractors to hold Construction Insurance the reality is that although Construction Insurance is not a legal requirement it is usually a prerequisite to obtaining work on the majority of the countries construction sites so the need for construction insurance is a necessity in everything but law!

.Reference resource: Click Here.