What is covered under an OCIP?

OCIPs combine the coverage benefits of several key insurance policies normally used for construction projects—including general liability, workers’ compensation, excess/umbrella liability, builders risk, and more—into a single policy.

What are the benefits of an OCIP?

OCIP Benefits: Broad coverage and uniform limits for contractors of every tier. Claim adjustments by one insurer. Lowers insurance costs by lumping coverage into one policy. Coverage stability for completed operations through the applicable statute of repose.

What is a CCIP insurance program?

A CCIP is an insurance program that protects the general contractor, its subcontractors and the project owner from third party general and workers’ compensation claims. Employing a CCIP allows the general contractor to control and manage the overall safety program of the projects included in the wrap-up.

What’s the difference between CCIP and OCIP?

In construction, OCIPs (Owner Controlled Insurance Programs) are paid for by the project sponsor or property owner, whereas CCIPs (Contractor Controlled Insurance Programs) are paid for by the lead contractor on the construction project.

How does OCIP insurance work?

OCIP stands for “owner controlled insurance program.” It protects the project owner and is designed to coordinate general liability coverage for all eligible parties working on a specific construction project. An OCIP can help protect all parties under a blanket insurance policy.

What builders risk covers?

Builder’s risk insurance covers the costs of repairing an unfinished structure or replacing building materials when weather, fire, vandalism, or theft hits a construction site.

How much does CCIP cost?

The cost for a CCIP starts at 1% of the construction costs with policy durations extending past construction completion. CCIP programs are very complex and require an insurance partner that a general contractor can trust to truly evaluate the project risk, overall company risk, and ways to save.

What are OCIP CCIP jobs?

In an OCIP, the property owner sponsors and controls the insurance program. In a CCIP, the general contractor sponsors and controls the program. Aside from that, OCIPs and CCIPs are quite similar. Wrap-up programs are several insurance policies wrapped up into one insurance program.

What is an owner’s interest policy?

An owner’s interest liability (OIL) policy is a project-specific, customized commercial general liability policy used to protect an owner from liability during the construction phase of a project. This product is intended to eliminate gaps in owner’s liability insurance programs and provide broader protection.

What does builders risk insurance not cover?

Builder’s risk insurance does not usually cover: Builder’s risk insurance doesn’t usually cover the damage caused by natural disasters like floods, earthquakes, or tornadoes. To cover these types of events, add a severe weather endorsement to your policy.

Who needs a builders risk policy?

Who Needs Builder’s Risk Coverage? Any person or company with a financial interest in the construction project needs builder’s risk insurance.

What is sub default insurance?

Subcontractor default insurance is an agreement between you and the insurance company. Contractor default insurance only protects contractors. Subcontractor payment bonds also protect the subcontractor, sub-subcontractors, suppliers, and laborers by promising to pay whatever they are owed.

Under one master policy, an OCIP covers commercial general liability and/or workers’ compensation insurance for all enrolled participants associated with a specified project. Participants generally include all enrolled contractors and subcontractors of every tier involved with on-site project construction.

What is OCIP policy?

(February 2009) An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).

Is an OCIP right for You?

If you’re the owner of the project being developed an OCIP might be a good option for you. OCIP is an insurance policy held by the project owner during construction, which typically covers almost all general liability coverage that may arise from the construction project. OCIPs replace the traditional method of insuring construction projects – that is where the various parties involved obtain their own insurance coverage.