12th - 13th NOVEMBER 2018 , KUALA LUMPUR

According to the latest research released by international construction consultancy, Arcadis, the average value of Asian construction disputes is US$67million, 45% higher than the worldwide average of US$47 million.

The construction industry is losing billions of dollars in construction disputes through litigations arising from the inherent complexities of its projects. Even with risk transfer mechanisms from insurance policies in place to mitigate against financial losses arising from litigation claims, contractors continue losing out on their just dues. Instead of focusing on completing projects on time and within budget, contractors waste valuable time settling contract claims and disputes that follows construction defects during or after the project. As the lines of responsibility between design firms and contractors merge, contractors are assuming non-traditional risk that their core insurance coverage may not address. Professional liability coverage has become just as essential to a contractor as it is to an architect or engineer.Regardless of project size, one minute incident or construction defect is all it takes to bring a project down.

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