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Owner Controlled Insurance Program
What is Owner Controlled Insurance Program?
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).
What is a OCP policy?
owners and contractors protective (OCP) liability coverage. A stand-alone policy that covers the named insured's liability for bodily injury (BI) and property damage (PD) caused, in whole or in part, by an independent contractor's work for the insured.
What is a wrap up Ocip project?
An Owner Controlled Insurance Program (OCIP) or “wrap-up program” is a coordinated insurance program for construction projects. An OCIP, unlike traditional construction insurance coverage, provides eligible participants of a construction project with general liability coverage under one policy.
What is a wrap up insurance policy?
Wrap-up insurance is a liability policy that serves as all-encompassing insurancewhich protects all contractors and subcontractors working on a large project. Wrap-up insurance is intend for larger construction project costing over $10 million.