Insurance and suerty bonds: a case study of petrochemical, oil and gas projects in myanmar and Thailand | |
| Author | Kyawt Phyu Phyu |
| Call Number | AIT Thesis no.CM-11-04 |
| Subject(s) | Petroleum chemicals industry--Insurance--Myanmar Petroleum chemicals industry--Insurance--Thailand |
| Note | A thesis submitted in partial fulfillment of the requirements for the degree of Master of Engineering in Construction, Engineering and Infrastructure Management |
| Publisher | Asian Institute of Technology |
| Abstract | There are many uncertainties, risks and probability and possibility of loss of chance in every firm, business, projects and human beings. The oil and gas project and petrochemical projects have many uncertainties and risks because these projects are related with geological risks, probability of existing oil, oceanography, and others. Insurance and surety bond are very important in projects because they can protect the risks, contractor’s default, and the project can get the financial and performance security. This study is emphasizing on insurable risks with appropriate types insurance and surety bonds. This study emphasizes on the case study approach on petrochemical and oil and gas projects. The study was conducted to two oil and gas projects from Myanmar, two urea fertilizer projects from Myanmar and two refinery projects from Thailand to study types of insurable risks, insurance and surety bonds. There are many kinds of insurable risks in projects; and most of the appropriate risk transfer is insurances and bonds. The most common insurable risks are loss of life and personnel injuries, material damages and losses, material in transit and contractor’s risk in both petrochemical and oil and gas projects. For oil and gas projects, the insurable risks are collision and losses relating with marine property. The project owner and contractor transfer these kinds of insurable risks to insurance and surety bonds. A framework for risk and insurance coverage are recommended. However, this study doesn’t explain in detail how such insurance and surety bonds affect the project activities, project management strategy, their significant effect due to time constraints. |
| Year | 2011 |
| Type | Thesis |
| School | School of Engineering and Technology (SET) |
| Department | Department of Civil and Infrastucture Engineering (DCIE) |
| Academic Program/FoS | Construction Engineering and Infrastructure Management (CM) |
| Chairperson(s) | Hadikusumo, B. H. W.; |
| Examination Committee(s) | Chotchai Charoenngam;Chiu, Gregory L.F.; |
| Scholarship Donor(s) | Asian Development Bank Japan Scholarship Program (ADB-JSP); |
| Degree | Thesis (M.Eng.) - Asian Institute of Technology, 2011 |