What is Covered Under an OCIP?
Construction sites have a variety of different risks. When working on a project, it is important to be covered. OCIP Insurance, Owner Controlled Insurance Program, is an insurance plan that is obtained by the owner of a construction project. It is an insurance plan that covers all tiers involved in the project, from the owner to the general contractor to the subcontractors. To understand what is covered in an OCIP, read on.
- General Liability: A single policy designed to cover a wide range of liability risks, including third-party injuries and property damage that occur at the site.
- Workers’ Compensation: This coverage is required by most states and is regulated by the laws of the state. It is designed to cover lost wages and the cost of treatment associated with work-related injuries and illnesses.
- Excess Liability: This is designed to provide higher limits to an underlying liability policy. Higher limits provide a broader financial safety net to the insured.
- Completed Operations: This cover is designed to protect your business if your project causes bodily injury or property damage from 3 up to 7 years.
Additional coverage that project owners should consider are:
- Builder’s Risk Insurance: This insurance is needed to cover buildings and structures that are damaged during the course of construction. It can also provide protection for materials, fixtures, and equipment being used during construction.
- Pollution Liability: This is insurance for third-party bodily injury and property damage resulting from a covered pollution exposure. It can help to pay for clean-up, national resource damage, and non-owned disposal sites.
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.