If you are the owner of a construction project, it is vital that you have good insurance to protect yourself, your project, and everyone involved. If your construction project is large enough, ocip insurance coverage may be your best bet.
What is OCIP Insurance Coverage?
OCIP stands for “owner controlled insurance program” and it serves as a way to coordinate insurance coverage for everyone that is working on a specific construction project. Owner controlled insurance programs are often referred to as wrap-up insurance plans because they offer a way to essentially wrap up multiple insurance policies into one singular plan.
What is Covered by OCIP Insurance Coverage?
OCIP insurance can provide a number of different types of protection for your project. Most OCIPs contain commercial general liability insurance which is designed to cover a wide variety of liability issues. It provides protection against property damage caused by workers and third-party injuries that occur on the worksite. OCIPs also generally provide workers’ compensation insurance.
General liability insurance and workers’ compensation are the main forms of coverage within OCIPs but there are several other types of coverage available if they are needed. Some of these include:
- Pollution Liability Insurance
- Builders Risk Insurance
- Professional Liability Insurance
- Umbrella Insurance
As the owner of a construction project, your number one goal is to keep things running smoothly and safely. Purchasing an OCIP may be your best bet!