Insurance requirements and practices of Ethiopia’s construction sector
The principles of insurance and types of insurance policies in construCtion industry in general is discussed. The status of consultants and contractors in Ethiopian construction sector is briefly reviewed. Questionnaires were designed to preliminary assess whether relevant insurance policies are bought by contracting and consulting firms, and the results were evaluated and discussed. Conclusions and recommendations are given.
Keywords: Construction industry, Client, Consultant, Contractor, Contract, Insurance, Insurable interest, Indemnity, Liability, Policy, Premium, Risk management.