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1 month ago · by · 0 comments

Benefits of Owner-Controlled Insurance Programs

An owner-controlled insurance program (OCIP) is a type of a wrap-up insurance policy commonly used to insure construction projects. OCIPs replace the traditional method of insuring construction projects – that is, where the various parties involved obtain their own insurance coverage.

Instead, OCIPs provide the participants of a construction project with insurance coverage under one policy controlled by the project owner.

OCIPs offer a number of important benefits to the parties involved, particularly as it relates to the following:

Potential cost savings. OCIPs allow project owners to avoid the costs associated with contractors who carry overlapping insurance coverage as well as markups by contractors who would otherwise pass their insurance costs on to the owner. What’s more, project owner’s bulk purchasing power and economies of scales allow insurance to be obtained at a discount.

Peace of mind. OCIPs consolidate insurance policies into one, uniform insurance program, guaranteeing the owners that individual contractors and subcontractors are adequately covered. Under OCIPs, project owners do not have to worry about the availability or adequacy of insurance coverage for individual contractors on the job site, differences in policy limits and deductibles, or liability that may arise if a contractor allows its insurance coverage to lapse.

Streamlined claims handling. OCIPs facilitate more efficient and simplified claims processing. Under most OCIPs a single insurance company is the control point for reporting claims, conducting investigations and making payments. With one insurer, claim settlement procedures are more consistent.

Reduced litigation. OCIPs can reduce potential litigation and disputes between insurance companies. With traditional insurance policies where each contractor purchases coverage through separate insurance companies, there is a greater chance of lawsuits being used to settle accident and injury claims. By relying on one central insurer, OCIPs eliminate the incentive for litigation amongst insurance companies.

Access to contractors. OCIPs give project owners more flexibility when selecting contractors, because a contractor’s ability to meet minimum insurance requirements of the project is removed from the equation. As a result, the total pool of contractors available to a project owner is expanded through an OCIP.

Safety initiatives. OCIPs allow for the development of a centralized safety program covering the operations of all contractors and subcontractors. This in turn, can improve overall workplace safety for the parties involved in a project.

Length of coverage. OCIPs cover the life of a project plus an extended completed operations period.

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2 years ago · by · 0 comments

Need Tips For OCIPS?

2For years, Owner-Controlled Insurance Programs (OCIPs) were only found on large, single-site projects. Every day, more contractors are being required to work under these types of arrangements, either on smaller projects or “rolling” OCIPs that cover multiple projects. This requires contractors to identify and deal with the variety of complex issues that these programs raise.

Don’t go it alone. Our Construction Insurance professionals stand ready to help. If you’d like to do some research on your own, the Insurance Risk Management Institute (IRMI) provides a wealth of solid safety guidelines that are updated frequently. Originally created as a resource for contractor risk management information, IRMI publishes one of the best and most extensive libraries of insurance expertise in the nation and is widely used by insurance agents and risk managers in all types of businesses.

A Contractor’s Guide to OCIPs,” available on the Construction Business Owner Web site, offers valuable guidelines on the benefits and risks of these programs, together with tips on making the most from them, and dealing with such issues as loss costs, separating Construction Insurance costs from bids, and estimating labor expenses.

Check out the guide. Then give us a call on how to apply its principles to your business. When it comes to your protection, don’t let “owner controlled” mean “out of control.

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Scurich Insurance Services
Phone: (831) 661-5697
Fax: (831) 661-5741

Physical:
783 Rio Del Mar Blvd., Suite7,
Aptos, Ca 95003-4700

Mailing:
PO Box 1170
Watsonville, CA 95077-1170

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(831) 661-5697

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