Choosing the Right OCIP for Your Project
OCIP insurance, or an owner controlled insurance program, is a type of wrap insurance that is designed to better protect a construction project. Within this program, the project owner provides general liability, excess liability, and workers’ compensation coverage to the general and trade contractors working on the project site. There are many benefits to obtaining this coverage, which means it’s even more important that you know how to choose the right policy.
Establish your needs.
Your construction site is unlike any other in the country. There are unique risks, different people, and even different climates that your site experiences. You’ll want to find an OCIP that properly addresses all of your insurance needs in one neat package so that you know your construction project is well protected.
An OCIP can cover a wide range of risks. Because of this, it’s important that you understand what is, and isn’t, offered through insurance. It is typically designed to cover virtually all liability and loss arising from the construction project, but every policy has its limits. Depending on the policy, you may want to opt for endorsements that provide additional coverage, such as builders risk insurance, terrorism insurance, and umbrella coverage.
Don’t go at it alone.
Our construction insurance professionals are ready to help. We can ensure that your insurance needs are met, and that you understand the ins and outs of your policy. When you are working on a large construction project that becomes more valuable by the day, it is well worth working with trusted professionals.
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.