College - Author 1
College of Architecture and Environmental Design
Department - Author 1
Construction Management Department
Degree Name - Author 1
BS in Construction Management
Date
3-2023
Primary Advisor/Subject Matter Expert (SME)
Brick Robbins, College of Architecture and Environmental Design, Construction Management Department
Abstract/Summary
Before a construction project can begin, insurance must be purchased by each involved construction player to ensure the financial and physical health of the project and those working to complete it. The necessity of construction insurance on every project has turned it into a behemoth of a market sector, one that significantly affects the construction industry as well as a plethora of others. Although many are unaware, developments and shifts in construction insurance deeply affect the well-being of the public, from the roads they drive on to the buildings they live and work in. This research piece will delve into the primary developments that are transforming the construction insurance industry. A combination of academic papers and interviews with construction insurance professionals are used to obtain the necessary research for this project. In this accumulation of knowledge, it becomes evident the two primary developments in the construction insurance industry are the popularization of Single-Parent and Group Captive Insurance Entities. The inner workings and benefits of these developments to both the construction and insurance industry are explored to explain their increasingly widespread adoption.
URL: https://digitalcommons.calpoly.edu/cmsp/658
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