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Owner Controlled Insurance Program
OCIP and Construction Insurance
OCIP or Owner Controlled Insurance Programs, often referred to as WrapUp Insurance, is essentially a means of managing the risk factors and costs for large construction projects or series of related projects. Rather than each individual contractor and subcontractor providing their own General Liability, Workers Compensation and Excess Liability, the project owner would provide one specific insurance policy that covers the entire project for these areas – a ‘wrapup’ of everyone’s exposure on the project into one neat bundle.
OCIP Advantages and Variations
The general advantages cited for the purchase of an Owner Controlled Insurance Program are a savings in insurance premiums for all participants and a wider umbrella of coverage which provides less risk of gaps in coverage and the ability to access higher limits of coverage than some individual contractors normally carry.
In addition to Owner Controlled Insurance Programs, Capstone also offers other variations of Controlled Insurance Programs such as Contractor CIP’s and Sponsor CIP’s.
Construction Insurance for Contractors and Subcontractors
Capstone is widely favored provider of contractor specific insurance policies for the Construction Industry. From large commercial construction companies, residential housing contractors to their subcontractors, such as painters, mechanical contractors, electricians and drywallers, Capstone treats each of their contractor clients with the same individualized approach – custom fitting their construction insurance package to fit their company and how it operates.
Builder’s Risk Insurance
When a building, whether commercial or residential is under construction, the partially completed building requires its own hazard insurance policy; this is referred to as Builder’s Risk Insurance. This covers the building while it is in the process of construction and not yet covered by a traditional Property Owner’s Policy or Homeowner’s Policy. Capstone works closely with contractor’s or property owner’s in establishing a Builder’s Risk Insurance Policy that meets the needs of their project.