What You Need to Know About Controlled Insurance Programs
A Controlled Insurance Program (CIP) is also known as a wrap-up insurance policy. It is a program that provides onsite insurance for all enrolled parties in one package, making insurance coverage a quick and easy solution. Are you curious to find out more about how a controlled insurance program can help you? Read on for what you should know about controlled insurance programs.
A CIP can be sponsored by an owner, general contractor, construction manager or a combination of parties.
- Owner Controlled Insurance Program (OCIP): This is a policy that is set up by the owner of the project.
- Contractor Controlled Insurance Program (CCIP): The general contractor/construction manager on the project sets up the insurance program.
A CIP offers plenty of benefits, including but not limited to:
- Uninformed limits across all enrolled subcontractors
- One carrier providing all cover, limiting litigation
- Single claim point of contact
- Uninformed extended completed operations for all enrolled subcontractors
- Cost savings
Securing the best construction insurance for your projects can be complicated, yet critical. Contact a team representative at Nahai Insurance Services to discuss the most reliable insurance solutions for you and your project.