Understand How OCIP Protects Your Business
Construction is a large industry, and one certainly filled with unique risks and dangers. Luckily, insurance can help. An OCIP is an “owner-controlled insurance program” that is designed to protect the owner and coordinate general liability coverage for all eligible parties working on a specific construction project. Construction jobs come with liability risks, and just one lawsuit can shut down a construction project for good. Take a look at how an OCIP can benefit your business.
In the past, an OCIP was only used on large construction projects that exceeded $50 million in costs. Today, they are frequently used by project owners on smaller residential construction and renovation jobs. An OCIP will cover a wide variety of liability risks and losses that may occur over the course of completing a construction project. This insurance will provide blanket coverage for the contractors and subcontractors working on the project to ensure they all have coverage against liability losses.
A large benefit to securing an OCIP is the fact that claims are handled by a single administrator. Because of this, they tend to be resolved faster and more easily than with traditional coverage. All parties are covered by the same insurer, meaning that legal and litigation costs are reduced if a claim does have to be filed.
To have an expert assess your unique situation and help you decide on OCIP Insurance coverage, contact Nahai Insurance Services. Our staff of experienced wrap policy professionals can help you best protect your upcoming project.