| Title |
Risk Management Strategy : Professional Liability Insurance for Design Works |
| Abstract |
By their specialty of long lasting duration in completion, construction projects are likely to be exposed on various risks. In particular, the disputes arising from such risks as associated with professional services can occasionally be resolved only by resorting to judical proceedings because of their nature or characteristic inherent.It is already an issue that we have easily encountered accidents in construction projects. Nonetheless, we in Korea have no definitive criteria in our present practices or law and regulations identifying the responsibility for such accidents, and still have question as to whether professionals are having their financial capacity to settle or indemnify losses even for which they are responsible.To minimize the risk in the performance of professional services, this study is therefore mainly focused on ; introducing an insurance, that is to say "Professional Liability Insurance"(PLI) ; legal backgrounds of this Insurance in Korea and responsibilities for the risks in which design professionals are involved; view points in effecting this Insurance at the importing stage. |