How does an OCIP policy work?
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 the difference between Ocip and CCIP?
The construction project owner sponsors an Owner Controlled Insurance Program (OCIP), while a general contractor sponsors a Contractor Controlled Insurance Program (CCIP). The sponsor is in charge of securing insurance coverage, paying for and administering the insurance program.
What is Wrapup coverage?
Wrap-up insurance is a liability policy that serves as all-encompassing insurance that protects all contractors and subcontractors working on large projects costing over $10 million. The two types of wrap-up insurance are owner-controlled and contractor-controlled.
What does Ocip mean in construction?
owner controlled insurance program
What does Rocip mean?
ROCIPAcronymDefinitionROCIPRegistry of Companies and Intellectual Property (Saint Lucia)ROCIPRolling Owner Controlled Insurance ProgramROCIPRegional Operations and Capital Improvement Plan (Valley Regional Transit; Idaho)
What does OCP stand for in insurance?
owners and contractors protective liability
How does a CCIP work?
The CCIP will respond to claims that arise out of construction operations, as well as completed operations for a specified period. When a contractor controlled insurance program is in place, all claims and losses are handled by the purchaser (the general contractor) through the CCIP insurance carrier.
What means wrap up?
wrapped up; wrapping up; wraps up. Definition of wrap up (Entry 2 of 2) transitive verb. 1 : summarize, sum up. 2a : to bring to a usually successful conclusion.
What is a CCIP project?
A CCIP is an insurance program that protects the general contractor, its subcontractors and the project owner from third party general and workers’ compensation claims. … Employing a CCIP allows the general contractor to control and manage the overall safety program of the projects included in the wrap-up.
What is a project specific insurance policy?
A project specific policy addresses the specific requirements needed to secure work on a project and provides coverage for the exposures a contractor may encounter during it. The premium is typically based on job details and duration.