LO3- U5-HNC_ Insurance Types

What percentage of construction companies survive the first five years of operations?

• 50%

• 36.4%

• 72%

• 20%

What is a common result of projects taking longer than anticipated in the construction industry?

• Increased safety

• Budget savings

• 20% budget overruns

• Reduced quality

What does construction insurance broadly refer to?

• General liability insurance

• Industry-specific policies for construction projects

• Health insurance for workers

• Homeowner's insurance

Why is a single construction insurance policy often insufficient for most projects?

• It is too expensive

• It does not cover all risks

• It is not legally required

• It is only for small projects

What percentage of SDI claims are for corrective cost/rework according to the data in figure?

• 27%

• 43%

• 39%

• 48%

How many hours per week do professionals spend dealing with rework-related activities on average?

• 2 hours

• 4 hours

• 6 hours

• 8 hours

What percentage of rework costs account for the total project cost?

• 2%-3%

• 4%-6%

• 7%-9%

• 10%-12%

What is one of the common causes of rework mentioned in the infographic?

• Excellent communication

• Incomplete design

• Adequate supervision

• Perfect scheduling

What is one of the strong practices to minimize rework?

• Ignore quality requirements

• Rely solely on 3rd party inspections

• Identify and define quality requirements

• Avoid project-specific planning

What is typically included in construction insurance coverage at a minimum?

• Property damage, equipment loss, and worker injury

• Only property damage

• Only equipment and tools

• Only third-party damage