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Alvanchi, A, Lee, S and AbouRizk, S (2012) Dynamics of Working Hours in Construction. Journal of Construction Engineering and Management, 138(01), 66–77.
Bakhoum, E S and Brown, D C (2012) Developed Sustainable Scoring System for Structural Materials Evaluation. Journal of Construction Engineering and Management, 138(01), 110–9.
Bemelmans, J, Voordijk, H, Vos, B and Buter, J (2012) Assessing Buyer-Supplier Relationship Management: Multiple Case-Study in the Dutch Construction Industry. Journal of Construction Engineering and Management, 138(01), 163–76.
Bo, X and Chan, A P C (2012) Investigation of Barriers to Entry into the Design-Build Market in the People’s Republic of China. Journal of Construction Engineering and Management, 138(01), 120–7.
El-Diraby, T E (2012) Epistemology of Construction Informatics. Journal of Construction Engineering and Management, 138(01), 53–65.
Han, S, Lee, S and Peña-Mora, F (2012) Identification and Quantification of Non-Value-Adding Effort from Errors and Changes in Design and Construction Projects. Journal of Construction Engineering and Management, 138(01), 98–109.
Jarkas, A M (2012) Buildability Factors Influencing Concreting Labor Productivity. Journal of Construction Engineering and Management, 138(01), 89–97.
Ji, S, Park, M and Lee, H (2012) Case Adaptation Method of Case-Based Reasoning for Construction Cost Estimation in Korea. Journal of Construction Engineering and Management, 138(01), 43–52.
Kim, B and Hong, T (2012) Revised Case-Based Reasoning Model Development Based on Multiple Regression Analysis for Railroad Bridge Construction. Journal of Construction Engineering and Management, 138(01), 154–62.
Leung, M and Chan, I Y S (2012) Exploring Stressors of Hong Kong Expatriate Construction Professionals in Mainland China: Focus Group Study. Journal of Construction Engineering and Management, 138(01), 78–88.
Lhee, S C, Issa, R R A and Flood, I (2012) Prediction of Financial Contingency for Asphalt Resurfacing Projects using Artificial Neural Networks. Journal of Construction Engineering and Management, 138(01), 22–30.
Shrestha, P P, O’Connor, J T and Gibson, G E (2012) Performance Comparison of Large Design-Build and Design-Bid-Build Highway Projects. Journal of Construction Engineering and Management, 138(01), 1–13.
Song, X, Peña-Mora, F, Menassa, C C and Arboleda, C A (2012) Insurance as a Risk Management Tool for ADR Implementation in Construction Disputes. Journal of Construction Engineering and Management, 138(01), 14–21.
- Type: Journal Article
- Keywords: Insurance; Risk management; Construction management; Dispute resolution; Insurance; ADR techniques; Risk management;
- ISBN/ISSN: 0733-9364
- URL: https://doi.org/10.1061/(ASCE)CO.1943-7862.0000401
- Abstract:
Nowadays, along with the inherent intricacy and magnitude of large-scale construction projects come increasingly complex disputes. Because most projects operate on tight budgets, alternative dispute-resolution (ADR) techniques such as negotiation, mediation, and arbitration are being widely adopted in large-scale construction projects to help handle disputes in more effective and cost-saving ways. However, the risk of incurring uncertain ADR-implementation costs in the dispute-resolution process has become an important issue. The traditional self-insured approach of simply retaining all risks is no longer considered economical. One way to reduce the potential for variations in the dispute-resolution budget is to price ADR techniques as an insurance product, which allows project participants to transfer the risk of incurring unexpectedly high ADR-implementation costs to the insurance company. Despite this advantage, many factors are preventing project participants from investing in ADR-implementation insurance. This paper proposes a model on how to use ADR-implementation insurance as a risk management tool for construction dispute resolution. It first investigates the possibility of using insurance for ADR-implementation and then uses subjective loss to represent the risk-averse attitude of project participants and quantify the effect of ADR-implementation costs in monetary terms. Event-tree analysis (ETA) is used to simulate different dispute-resolution processes and determine the probability mass function of ADR-implementation costs by drawing analogies from seismic risk insurance. These probabilities are employed to calculate the expected ADR-implementation costs and to derive the insurance premium. Finally, the gross premium is compared to project participants’ subjective loss to help them determine whether purchasing ADR-implementation insurance is necessary. At the end, a numerical example is presented to illustrate the application of the methodology.
Taghaddos, H, AbouRizk, S, Mohamed, Y and Hermann, U (2012) Simulation-Based Auction Protocol for Resource Scheduling Problems. Journal of Construction Engineering and Management, 138(01), 31–42.
Yang, H, Chan, A P C, Yeung, J F Y and Li, Q (2012) Concentration Effect on Construction Firms: Tests of Resource Partitioning Theory in Jiangsu Province (China) from 1989 to 2007. Journal of Construction Engineering and Management, 138(01), 144–53.
Yu, W and Wang, K (2012) Best Value or Lowest Bid? A Quantitative Perspective. Journal of Construction Engineering and Management, 138(01), 128–34.
Zerjav, V, Hartmann, T and Javernick-Will, A (2012) Internal Governance of Design and Engineering: The Case of the Multinational Firm. Journal of Construction Engineering and Management, 138(01), 135–43.