THE OWNER CONTROLLED INSURANCE PROGRAM (OCIP) WRAP-UP
If you’re the owner of the project being developed an OCIP might be a good option for you. An OCIP is a policy held by the project owner during construction, which typically covers almost all liability that may arise from the project. OCIPs replace the traditional method of insuring construction projects – that is where the various parties involved obtain their own insurance coverage. The policy is designed to provide coverage through the full statute of repose of the state in which the construction occurs (for example, ten years in California)
Often owners turn to Nahai Insurance Services to implement a wrap-up to realize premium savings, improve coverage terms and hedge against rate increases. Our high-risk experts are able to design a program that will suit your requirements as an owner, that will offer you advantages and a sense of security while your property is being developed. They are wrap-up specialists who will stand by you through the entire process and beyond to ensure your specific insurance needs are met.