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There are several risks in construction projects namely, (1) risk associated with loss/ damage to people, materials, property resulting from fire, flood, subsidence, seismic activity, materials handing- such risk is generally insured against; (2) risks associated with loss/ damage to people, asset resulting from an act of war, nuclear / biological pollution, government policy and rules changes - such risk is not insured against; (3) third type of risk is unforeseen risk arising from adverse ground conditions, drastic change in weather conditions, sudden shortage of manpower and materials - such risk will impact the time and cost of the project significantly; (4) fourth type of risk is operational risk - delay in site handing over, improper supervision, quality problems and re-work, cash flow problems, etc which will also impact the time and cost of the project
