Here are a few things you should look for in your OCIP insurance.
OCIP insurance, or an owner controlled insurance program, is a type of wrap insurance that is designed to better protect a construction project. With an OCIP in place, you’ve got general liability, workers’ comp, and builders risk insurance for yourself as the project owner, your contractors, and their subcontractors. But how do you choose the best policy? Here are a few things you should look for in your OCIP insurance.
Post-project liability protection
Just because construction finished, doesn’t mean your risks have. Look for OCIP coverage that will keep protecting you for a time against any and all defects. That way, if you do discover an issue after construction and your contractor’s own liability policy has expired, you’ll still be covered.
OCIP policies bundle multiple types of coverage together for multiple parties, so they should be more cost effective than buying all of those types of coverage separately. The economy of scale should yield you savings; make sure you don’t miss out on this benefit!
Because you’re insuring multiple parties against multiple risks, you’ll be paying a single insurer a larger lump sum than if you were insuring yourself through one company while all of your contractors sent their premiums elsewhere. The insurer should then be able to offer you higher liability limits. Talk to your insurance agent to make sure you’re using your OCIP coverage to its full potential by setting policy limits high enough to protect your project in its entirety.
If you want help picking the best OCIP insurance for your upcoming project, contact Nahai Insurance Services. We specialize in wrap-up insurance and can help you choose the right owner controlled policy for your specific needs on this specific build. Rest easy knowing you’ve put the proper safeguards in place by calling us today.