2021年3月19日 · Construction managers, general contractors, and subcontractors are routinely required to being insured under an owner-controlled insurance program (OCIP) or a contractor controlled insurance program (CCIP). This article identifies the key areas to understand as a participant in a wrap-up insurance program.

2019年10月11日 · OCIP versus CCIP—an Owner's Perspective. Many midsized and large contractors have established CCIP programs, and it is common for them to propose utilizing their CCIP coverage for large projects. 2 This is a good thing; it provides the owner with the options of relying on traditional insurance, purchasing an OCIP, or paying the CM/GC to provide the …

2017年3月31日 · For example, if the owners are considering an OCIP, their internal team is minimal, and they are primarily concerned about liability coverage and limits, a GL only OCIP, GL only contractor-controlled insurance program (CCIP), or a combined line CCIP may be a better choice than a combined line OCIP.

2020年4月24日 · State Insurance Regulations. Many states have regulations that govern the use of wrap-up insurance programs. State statutory or insurance administrative code requirements may include a minimum project size, specified duration of the project, geographic limitations, or specific safety standards or limit who is eligible to sponsor a wrap-up or require approval from …

2005年1月1日 · Under an OCIP, the owner is the sponsor and remains exposed to the deductible for the completed-operations extension period. This exposure makes it difficult for owners to ultimately cap their project costs and close their construction loans within a year or so of the project completion.

2011年4月1日 · Upon such notice, Contractor and/or one or more of its subcontractors, as specified by Owner in such notice, shall obtain all (or a portion thereof as specified by Owner) of the insurance coverage previously provided by the OCIP. The reasonable cost of obtaining such insurance shall be reimbursable to Contractor by Owner.

2022年4月21日 · The OCIP/CCIP may have a "per project" general aggregate and/or products-completed operations aggregate limit, but the limit may have a cap on the total limit (e.g., $15 million maximum), regardless of the number of projects insured under the program.

2019年3月6日 · The OCIP usually includes extended completed operations, 6 providing only completed operations coverage for an additional period beyond the policy expiration date (usually 36 to 120 months, depending on several factors, including the applicable statute of repose). As everyone enrolled in the OCIP program (e.g., owner, general contractor, and ...

2024年8月30日 · What's unique to an OCIP (verses a contractor-controlled insurance program (CCIP) or traditional insurance) is that the owner purchases the coverage and selects the wrap-up administrator. Thus, the wrap-up administrator often feels obligated to the owner to approve such exceptions to the insurance requirements.

A wrap-up exclusion endorsement is used to remove coverage from a contractor's insurance policies to the extent they overlap with the coverages provided for the contractor under a wrap-up insurance program.