What to Remember When Using an OCIP
An Owner-Controlled Insurance Program (OCIP) is designed for large projects that cover every contractor and subcontractor working on a specific project or job site. OCIPs can be structured in a variety of ways, but commonly include workers’ compensation, general liability, and excess liability coverage. When you are thinking of taking out an OCIP, keep these three considerations in mind.
- Workers’ compensation claims paid under an OCIP policy will not show up on your individual loss runs or count against your individual carrier loss ratios. It will, however, affect your individual experience mods.
- Some liability policies contain specific exclusions for work performed under an OCIP. Be sure to read through your OCIP carefully to understand these exclusions. If possible, endorse your own policy to include excess coverage for work performed under an OCIP.
- Review the details of your policy. OCIP language can vary from a standard insurance policy contract, so it’s well worth understanding what yours does and does not cover. Knowing your policy ahead of time will give you better contract negotiation upfront, and result in fewer surprises in the event that you need to file a claim.
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.