What is covered under an OCIP?

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).

How is OCIP calculated?

The OCIP insurance premium adjustment will be calculated based upon the final total on-Project Site related payroll or receipts less those calculated on the original Enrollment Form.

What is OCIP deduct?

In an OCIP, the project management company requires the contractor to follow a bid deduct methodology, in which the costs of providing the insurance coverage are deducted from the bid that the contractor makes for the project.

What is wrap up OCIP?

Construction Program Guide An Owner Controlled Insurance Program (OCIP), sometimes referred to as “Wrap Up Insurance,” is the purchasing of insurance by the owner on behalf of the builder (contractor) rather than the traditional purchase by the contractor for the contractor and the owner for the owner.

Does OCIP cover construction defects?

What do OCIPs Cover As Far As Construction Products, On Site Injury, and Construction Defect Claims? compensation and Third Party filings may also trigger coverage under the CGL based on claims level investigation; Construction defect claims also are usually covered under the CGL portion of the OCIP.

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 OCIP payroll?

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.

What is a CCIP 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 is a CCIP credit?

By Staff ReportCCIP, 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.

What is wrap up work?

What is a wrap-up? Simply put, a wrap-up changes the way liability and workers compensation insurance is procured for large construction projects. Traditionally subcontractors provide their own insurance as required by the owner for a particular project.

How does a wrap policy work?

Wrap-up insurance is a liability policy that acts as all-encompassing insurance protecting contractors and subcontractors. Owner-controlled insurance is set up by the owner of a project for the benefit of the builder or contractor to cover all listed contractors.

What are the benefits of an Ocip?

What is an OCIP?

Enables owners and contractors to mount a stronger, single-entity defense in construction defect lawsuits. Rather than many lawyers and many insurance carriers who may be manipulated into settling a lawsuit at inflated costs, an OCIP uses one insurance company and one legal firm to handle the claim.

What is OCIP (owner controlled insurance program)?

An Owner Controlled Insurance Program (OCIP) or “wrap-up program” is a coordinated insurance program for construction projects.

How do I sign up for the OCIP program?

Please complete and upload the signed form along with the declaration page, rate pages and deductible endorsement from your workers compensation, general liability and excess/umbrella policies (as applicable to the OCIP program you are enrolling in (WC/GL OCIP, GL Only OCIP), refer to your OCIP Manual for clarification).

Who are the enrolled parties in the OCIP?

Enrolled Parties are: Sponsor, eligible Contractor(s) and Subcontractors who enroll in the OCIP, and such other persons or entities as Sponsor at its sole discretion may designate. Each Enrolled Partywill be issued an individual Workers’ Compensation policy provided by Liberty Mutual Insurance Company, the OCIP primary insurer.