About: Owner-controlled insurance program

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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).

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rdf:type	organisation
rdfs:label	Owner-controlled insurance program (en)
rdfs:comment	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). (en)
dcterms:subject	Business terms Types of insurance
Wikipage page ID	13454670 (xsd:integer)
Wikipage revision ID	1102311127 (xsd:integer)
Link from a Wikipage to another Wikipage	School district Moral hazard Real estate investment trust Insurance Liability insurance General contractor State university system Subcontractor Commercial general liability insurance Additional insured Business terms Broker Workers' compensation Types of insurance Builder's risk insurance Employers Liability Risk management Umbrella insurance Underwriting Terrorism insurance Property owner Project owner
sameAs	Owner-controlled insurance program Owner-controlled insurance program Owner-controlled insurance program
dbp:wikiPageUsesTemplate	dbt:Citation_needed dbt:More_citations_needed dbt:Reflist
has abstract	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). Although an OCIP may be set up in a variety of ways, a policy package usually contains, at a minimum, Commercial General Liability (CGL), excess liability insurance, workers' compensation (WC) and employers' liability (for regular civil actions arising from WC injuries). Depending on the project, there may be endorsements providing additional coverage such as Contractors Pollution Liability (CPL), Builders Risk Insurance, terrorism insurance and umbrella insurance. OCIPs are also frequently referred to as "wrap-up insurance" or "wrap policies" in the insurance industry. The traditional method for insuring construction consisted of each general contractor (GC) and subcontractor obtaining their own insurance policies from any provider of their choosing. In turn, they would build their policy premiums into their cost structure, which then became part of their bids. This meant that by accepting a GC's successful bid, the property owner was indirectly paying for administrative overhead at dozens of separate insurance brokers and insurance companies. In OCIP, all construction, materials, hazard, workers' compensation, environmental, terrorism, and other building-related insurance is purchased by the property owner as part of a single policy from a single insurer. Thus, property owners benefit from OCIP in that all insurance costs are collected into a single policy premium, rather than embedded inside the bids of dozens of contractors and subcontractors, and they have direct control over administrative costs by dealing with a single broker and insurer. A large property owner that always has many construction projects in progress at any particular moment—like a real estate investment trust, an urban school district, or a state university system—may attempt to realize additional savings by obtaining a single OCIP to cover multiple projects. A Contractor Controlled Insurance Program (CCIP) is similar to an OCIP except that the general contractor (GC) or construction manager sponsors the insurance program. There have also been hybrid programs combining features of an OCIP and CCIP on a loss-sensitive basis; that is, the property owner and GC share in the expected savings, but they also agree to share any additional costs if losses are higher than expected. A Developer Controlled Insurance Program (DCIP) is also similar to an OCIP but might not include WC; instead, a DCIP provides CGL, umbrella and excess mainly for protection against construction defect claims. (en)
gold:hypernym	Policy
prov:wasDerivedFrom	wikipedia-en:Owner-controlled_insurance_program?oldid=1102311127&ns=0
page length (characters) of wiki page	7972 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Owner-controlled_insurance_program
is Link from a Wikipage to another Wikipage of	Property insurance Home insurance OCIP Owner Controlled Insurance Program
is Wikipage redirect of	OCIP Owner Controlled Insurance Program
is foaf:primaryTopic of	wikipedia-en:Owner-controlled_insurance_program

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