The Impact Of Insurance Policies To Building Project Contracts (A Case Study Of Imo State, Owerri)

🔥HOT!! Get admission now directly into 200Level into the school of your choice without writing JAMB & Post UTME exam (Click Here)👈🏽 for details | Registration is On-going

👁‍🗨Download up-to-date Post UTME past questions here

Download Now

📩Get complete project / seminar material for any topic

Get Material Now

Project and Seminar Material for Building Technology BT

Project and Seminar Material for Building Technology BT


This research work (project ) is dedicated to God Almighty for his infinite mercies, wisdom and knowledge for the fulfillment of this work and to my parents Mr. Titus Mbiamezie Late and Mrs. Helline .N. Mbiamezie.


I thank God immensely for my parents, brothers and sisters, friends and well wishers who in one way or the other contributed towards the successful completion of this project. Unreserved gratitude goes to my supervisor Mr. Ethelbert Uwaka for assisting me in producing this report through corrections and prompt attention to problems relating to the report attention to problems relating to the report writing.

I am also grateful to my Head of Department Bldr. H.O Udeagwu, Charles .O, Bldr. Amobi etc, who has contributed a lot to my life throughout my duration in the school, God bless you all.

I sincerely recognize and appreciate some dignitaries and sponsors of this great report in the person of Mr. Goodwill Asoha , Engr. .P. Igwe E.R to Ahoda East west Road construction River State, Mrs. Silas O, Mrs. Benedict Eze and Chybele communications /Business center for their good work and my colleagues in the school of environmental Design. I say thanks to you all.

Mbiamezie Casmir


This study was aimed at evaluating the problems that insurance policies come in contact to building projects contract. This may be due to lack of client awareness or others involved in the building project contract and its insurance. This study will determine what impact insurance has to building project contract and what extent it covers in project contract.

The study shall also determine how client be it public, individuals or institutions etc. Can insure their building and property. Using data from field survey and activity sampling, the study revealed that generally, most building project and other project contract are not insured effectively in Imo State, from the result of oral interview conducted among key players in the insurance company, this situation was attributed to the financial resources and audience attitude towards response are not okay.

Therefore, the research study, that is from the questionnaires and audience response shows that people are not educated on the impact of insurance policy to the building project contract and recommended that the registered insurance company are in better position to enlighten the people on how important it is to insure their, not only property but lives and what steps to follow in doing so.

Table Of Contents

  • Cover Page i
  • Title i
  • Approval iii
  • Certification iv
  • Dedication v
  • Acknowledgement vi
  • Table Of Contents vii
  • List Of Table  xi
  • Abstracts xii

Chapter One

  • 1.0 Introduction 1
  • 1.1 Background Of The Study 1
  • 1.2 Statement Of The Problems 2
  • 1.3 Aims And Objectives Of The Study 3
  • 1.4 Significance Of The Study 4
  • 1.5 Research Questions 4
  • 1.6 Scope Of Study 5
  • 1.7 Limitations Of The Study 6
  • 1.8 Definition Of Terms 6

Chapter Two

  • 2.0 Literature Review 9
  • 2.1 Insurance Contracts 9
  • 2.1.1 History Of Insurance:Ancient Insurance Idea 9
  • 2.1.2 Evolution Of Modern Insurance In Nigeria 14
  • 2.2 The Nature, Scope Of Insurance 21
  • 2.2.1 The Meaning Of Insurance 21
  • 2.2.2 The Nature Of Insurance 25
  • 2.2.3 The Scope Of Insurance 28
  • 2.3 The Theory And Purpose Of Insurance 33
  • 2.4 Classes Of Insurance 35
  • 2.5 Types Of Insurance Required 50
  • 2.6 What Is Contract 64
  • 2.7 Types Of Building Contract 69
  • 2.8 Functions Of Insurance 80
  • 2.9 Design Build Risk And Insurance 84

Chapter Three

  • 3.0 Research Methodology 88
  • 3.1 Research Plan 88
  • 3.1.1 Design Of The Study 88
  • 3.1.2 Area Of The Study 88
  • 3.1.3 Population Of The Study 89
  • 3.1.4 Sample Of The Study 89
  • 3.2 Method Of Data Analysis 89
  • 3.2.1 Sources Of Data Collection 90
  • 3.2.2 Primary Sources Of Data Collection 90
  • 3.2.3 Secondary Sources Of Data Collection 90
  • 3.2.4 Instrument For Data Collection 90
  • 3.2.5 Method Of Data Analysis 91

Chapter Four

  • 4.0 Data Presentations Analysis And Discussion 92
  • 4.1 Presentation And Analysis Of Data 92
  • 4.2 Discussion Of Findings 101

Chapter Five

  • 5.0 Conclusions, Recommendations 102
  • 5.1 Summary Of Findings 102
  • 5.2 Conclusion 103
  • 5.3 Recommendations 103
  • References 106
  • Appendix 107

List Of Tables

  • Table One 93
  • Table Two 94
  • Table Three 95
  • Table Four 95
  • Table Five 96
  • Table Six 97
  • Table Seven 97
  • Table Eight 98
  • Table Nine 99
  • Table Ten 100

Chapter One

1.0 Introduction

1.1 Background Of The Study

The insurance policies to building project contract cannot be over emphasized. The term insurance is a cover used for projecting one self from the risk of a financial loss. In the construction industries, building project contract are contracts that exist and agree between the client and the contractor, therefore, this study shall go a long way to determine the extent to which insurance will cover in building project contract.

The type of contract which one involves itself with can affect him/her in insuring the contract. It chose the Turkey contract system, the contractor can then insure the site, this makes his work more interesting and effective.

In construction period, clients are expected to insure their property, this study also creates awareness of insurance policy to client and other bodies involved in the contract.

Construction sites are inherently dangerous places. This is why construction insurance is an important policy to have if you own, run or manage a construction site. Construction insurance provides safeguards for you as an employer against your construction workers being insured on site. Construction insurance does not exempt one from maintaining a safe work place. Usually construction insurance policies only pay out if a strict set of health and safety guidelines are followed.

1.2 Statement Of The Problem

The building project contract in cooperation with insurance policy cannot be ignored. In the construction industries there is need for every project contract to be insured. The following points are reasoned for the study

  1. The non incorporation of insurance policies to building project contract.
  2. The lack of client awareness to building project contract insurance.
  3. The insuring of construction site
  4. The insuring of building and property
  5. The non compensation towards failure of structures.

1.3 Aims And Objective

The major aim of this study is to incorporate the insurance policies to building project procurement.

  1. To determine the level of risk in construction site that needs to be insured.
  2. To analyze the building project construct insurance.
  3. To ascertain the impact of insurance in building projects.
  4. To determine the awareness of client with regards to insurance.

1.4 Significance Of The Study

The significance of the study indicate that insurance policies create immeasurable awareness to building project contract especially in building project contract, insurance policy ensured that every part of the contract involved are benefited. The following list benefit in building project contract with insurance;

  1. The construction site
  2. The owner of the size (client)
  3. The general public
  4. The area that need more academic pursuit

1.5 Research Question

  1. What is insurance
  2. Do insurance policies have impact on building project contract?
  3. What areas do insurance policies cover in building project contract?
  4. Who are involved in insurance policies?
  5. What factors affect insurance policy
  6. Does most erected infrastructure in Nigeria undergoes insurance process.
  7. Most insurance companies are they really registered or not?

1.6 Scope Of The Study

The scope of this study focus on identifying the insurance policies to building project contract. In project contract insurance policies, incorporate making sure that all activities on construction site were properly managed.

This determines the extent of insurance policies towards the construction site that need to be insured. The area which the insurance policies cover in building project contract ands also some of the factors that could affect the insurance process to building project contracts. The fact that project contract needs to be insured, the client awareness towards the building project contract insurance and also the contractors are all necessary and should be determined properly.

1.7 Limitation Of The Study

This study is limited to Owerri, Imo State. The study is also limited by the constraints of time, financial resources and lack of literature materials. In spite of the above limitation and constraints, it would be hoped that the study would achieve the intended aim and objective.

1.8 Definition Of Terms

Insurance Policy

All law lexicons define insurance policy as a contract whereby, a person called the insurer or assurer, agrees in consideration of money paid to him, called the premium, by another person called the insured or assured, to indemnify the later against loss resulting to him on the happening of certain events.


The policy is the document in which is contained the terms of the contract.

Source: Osborne’s Law Dictionary, 4th edition p. 178


Insurance is the act of purchasing a security risk, the assured, anxious to protect himself against a risk, purchases from the insurer the right to be indemnified if the risk should materialize.

Source: Slater’s Mercantile Law, 14th edition by Lord Chorley and O.C.Giles


A contract is an agreement between two or more persons enforceable at law.

Source: J.O IRUKWU (1971)

Insured Or Assured

The person who has purchased an insurance policy and is protected by it, sometimes also referred to as the assured.


Insurance Company


A cause of loss such as fire, earthquake and flood.

Source: Risk Management Division 1st edition effective-March 2007


An amount of money that you pay once or regularly for an insurance policy.

Sources: Oxford Advanced Learners Dictionary 6th Edition.

I bet you, the complete material is fully loaded. This is just an excerpt. The Material is in MS-Word Format which you can easily edit and is comprehensive for a complete research work for this topic

📩How to get the complete material

The complete material is N3,000. You are to make payment to :

Account No: 0811003731,
Bank Name: Access Bank,
Acct Name: Samphina Academy.

The mode of payment is through bank transfer or bank deposit 

After Payment

After Payment, send us the following information:

  • 📍Payment Details (For Transfer:Send the account name you transferred money from | For Deposit:Snap and send the deposit receipt)
  • 📍Project / Seminar Material you need (Topic)
  • 📍An Active Email Address

The three(3) ways in which you can send us these information are:

  • Through our email address “” 
  • Through Text Message to “08143831497” 
  • Through WhatsApp click to start chat 

After Sending your information and making payment, the material will be forwarded to you in less than 10mins via your email address



Samuel Obiora Blessed is the CEO and founder of a.k.a Nigeria Students Media, the youngest engineering graduate of Federal Polytechnic Nekede in 2017 and the engine brain behind this great platform. He is the man behind the scene, filled with many potentials. A musician as well as a developer with the interest of Nigeria students at heart. If you need a professional website, contact him via WhatsApp or phone call @ 08143831497 to get the best.

You may also like...