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Construction Insurance: The Pros & Cons of an OCIP

The Advantages & Disadvantages of an Owner Controlled Construction Insurance Program (OCIP)

A Controlled Construction Insurance Program (CIP), also known as a “wrap-up” or Owner Controlled  Construction Insurance Program (OCIP), enables a construction company owner or contractor to protect his or her business and various other contractors involved in construction projects under one policy. Typically, Owner Controlled Construction Insurance Program policies cover Commercial General Liability, Excess Liability, Design Errors and Omissions and Builder’s Risk Insurance.

These programs are fairly straightforward; the owner (lead contractor) purchases insurance for all contractors and subcontractors involved in a construction project. Then, all participants will reduce their price by eliminating their insurance costs in exchange for the coverage provided by the owner. Through this process, the owner strives to save money by purchasing insurance for the entire project to avoid paying for contractor markups on insurance costs. Also, by having a single insurance carrier for the project, claim resolution tends to simpler, quicker and less expensive.

Owner Controlled Construction Insurance coverage is outlined in a document known as the “OCIP Manual,” which describes the bid-deduct process, claims management and safety requirements for the project. This document remains a large part of the bid solicitation process and eventually becomes part of the contract documents.

Who is Included in an Owner Controlled Construction Insurance Program?

Benefits and Uses of a Owner Controlled Construction Insurance Program

Disadvantages of an Owner Controlled Construction Insurance Program

Securing the best insurance for your project(s) is critical and complicated. Call 1-866-287-0448 to speak to an ALIGNED Advocate or connect with us at www.alignedinsuranceinc.com about the best insurance solutions for your project and or organization.

ALIGNED Across Canada   100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.