Owner-controlled insurance - Revision history

Designing Buildings at 07:26, 1 March 2021

2021-03-01T07:26:33Z

← Older revision		Revision as of 07:26, 1 March 2021
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	* Subcontractor default insurance (SDI).		* Subcontractor default insurance (SDI).

−	[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Definitions]] [[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Designing Buildings at 10:54, 7 April 2020

2020-04-07T10:54:28Z

← Older revision		Revision as of 10:54, 7 April 2020
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	The pricing of these policies may offer budgetary convenience for property owners, but they may also mean contractors are less motivated to control losses when those losses are not coming directly from their budgets.		The pricing of these policies may offer budgetary convenience for property owners, but they may also mean contractors are less motivated to control losses when those losses are not coming directly from their budgets.
		+
		+	See also: Integrated Project Insurance.

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =
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	* Future of construction insurance.		* Future of construction insurance.
	* Insurance.		* Insurance.
		+	* Integrated Project Insurance.
	* JCT Clause 6.5.1 Insurance.		* JCT Clause 6.5.1 Insurance.
	* Making sure your builder has appropriate insurance.		* Making sure your builder has appropriate insurance.

Designing Buildings at 10:53, 7 April 2020

2020-04-07T10:53:10Z

← Older revision		Revision as of 10:53, 7 April 2020
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	Owner-controlled insurance policies may include:		Owner-controlled insurance policies may include:

−	* Building related insurance	+	* Building related insurance.
	* Construction.		* Construction.
	* Hazards.		* Hazards.
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	= Benefits of OCIPs =		= Benefits of OCIPs =

−	Owner-controlled insurance programmes can reassure property owners of consistent coverage throughout the project. For instance, they ensure that no uninsured workers are on the job, since rules are uniformly enforced a single insurer or broker.	+	Owner-controlled insurance programmes can reassure property owners of consistent coverage throughout the project. For instance, they ensure that no uninsured workers are on the job, since rules are uniformly enforced by a single insurer or broker.

	They also help to clarify budgeting issues, since insurance costs are established at a consistent rate (rather than being controlled by each contractor) and handled by a single insurance provider.		They also help to clarify budgeting issues, since insurance costs are established at a consistent rate (rather than being controlled by each contractor) and handled by a single insurance provider.

Editor at 15:01, 6 April 2020

2020-04-06T15:01:18Z

← Older revision		Revision as of 15:01, 6 April 2020
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−	[[File:~~OCIP 1200~~.jpg\|~~1200px~~]]	+	[[File:OCIP_1200.jpg\|link=File:OCIP_1200.jpg]]

	= Introduction =		= Introduction =

−	An owner-controlled insurance programme (OCIP) is a business practice that consolidates insurance liability for construction projects. Owner-controlled insurance programmes allow property owners to purchase insurance on behalf of all of the contractors working on a project rather than allowing each contractor to purchase individual coverage. ~~OCIPs~~ are also referred to as wrap-up coverage or wrap policies.	+	An owner-controlled insurance programme (OCIP) is a business practice that consolidates insurance liability for construction projects. Owner-controlled insurance programmes allow property owners to purchase insurance on behalf of all of the contractors working on a project rather than allowing each contractor to purchase individual coverage.These policies are also referred to as wrap-up coverage or wrap policies.

	Owner-controlled insurance programmes are purchased by the owner alone, which differentiates them from contractors' all-risk insurance or contractor controlled insurance programmes issued under the joint names of the contractor and the property owner.		Owner-controlled insurance programmes are purchased by the owner alone, which differentiates them from contractors' all-risk insurance or contractor controlled insurance programmes issued under the joint names of the contractor and the property owner.
Line 9:		Line 9:
	= Scope of coverage =		= Scope of coverage =

−	~~An owner~~-controlled insurance ~~programme policy~~ may include:	+	Owner-controlled insurance policies may include:

	* Building related insurance		* Building related insurance
Line 20:		Line 20:
	* Workers' compensation (WC).		* Workers' compensation (WC).

−	~~Owner-controlled insurance programme~~ policies are written for the term of the project plus any extended periods, assuring continuity of insurance policy terms, conditions and exclusions.	+	These policies are written for the term of the project plus any extended periods, assuring continuity of insurance policy terms, conditions and exclusions.

	= Benefits of OCIPs =		= Benefits of OCIPs =

−	Owner-controlled insurance programmes can reassure property owners of consistent coverage throughout the project. For instance, ~~it ensures~~ that no uninsured workers are on the job since rules are uniformly enforced ~~by the~~ insurer.	+	Owner-controlled insurance programmes can reassure property owners of consistent coverage throughout the project. For instance, they ensure that no uninsured workers are on the job, since rules are uniformly enforced a single insurer or broker.

−	It also ~~helps~~ to clarify budgeting issues, since insurance costs are established at a consistent rate (rather than being controlled by each contractor) and handled by a single insurance provider.	+	They also help to clarify budgeting issues, since insurance costs are established at a consistent rate (rather than being controlled by each contractor) and handled by a single insurance provider.

−	An owner-controlled insurance ~~programme approach~~ may benefit property owners who are in charge of several simultaneous construction projects and can gain efficiencies by bundling several projects under this method of coverage.	+	An owner-controlled insurance policy may benefit property owners who are in charge of several simultaneous construction projects and can gain efficiencies by bundling several projects under this method of coverage.

	= Drawbacks of OCIPs =		= Drawbacks of OCIPs =

−	Bundled insurance provided by owner-controlled insurance ~~programmes~~ may put an additional administrative burden on property owners charged with overseeing responsibilities that may not be within their area of expertise.	+	Bundled insurance provided by owner-controlled insurance policies may put an additional administrative burden on property owners charged with overseeing responsibilities that may not be within their area of expertise.

−	~~Pricing~~ of ~~owner-controlled insurance programmes~~ may offer budgetary convenience for property owners, but it may also mean contractors are less motivated to control losses when those losses ~~aren’t~~ coming directly from their budgets.	+	The pricing of these policies may offer budgetary convenience for property owners, but they may also mean contractors are less motivated to control losses when those losses are not coming directly from their budgets.

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =

Editor at 14:56, 6 April 2020

2020-04-06T14:56:49Z

← Older revision		Revision as of 14:56, 6 April 2020
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		+	[[File:OCIP 1200.jpg\|1200px]]
		+
	= Introduction =		= Introduction =

−	An owner-controlled insurance programme (OCIP) is a business practice that consolidates insurance liability for construction projects. ~~OCIPs~~ allow property owners to purchase insurance on behalf of all of the contractors working on a project rather than allowing each contractor to purchase individual coverage. OCIPs are also referred to as wrap-up coverage or wrap policies.	+	An owner-controlled insurance programme (OCIP) is a business practice that consolidates insurance liability for construction projects. Owner-controlled insurance programmes allow property owners to purchase insurance on behalf of all of the contractors working on a project rather than allowing each contractor to purchase individual coverage. OCIPs are also referred to as wrap-up coverage or wrap policies.

−	~~OCIPs~~ are purchased by the owner alone, which differentiates them from contractors' all-risk insurance or contractor controlled insurance programmes ~~that are~~ issued under the joint names of the contractor and the property owner.	+	Owner-controlled insurance programmes are purchased by the owner alone, which differentiates them from contractors' all-risk insurance or contractor controlled insurance programmes issued under the joint names of the contractor and the property owner.

	= Scope of coverage =		= Scope of coverage =

−	An ~~OCIP~~ policy may include:	+	An owner-controlled insurance programme policy may include:

	* Building related insurance		* Building related insurance
Line 18:		Line 20:
	* Workers' compensation (WC).		* Workers' compensation (WC).

−	~~OCIP~~ policies are written for the term of the project plus any extended periods, assuring continuity of insurance policy terms, conditions and exclusions.	+	Owner-controlled insurance programme policies are written for the term of the project plus any extended periods, assuring continuity of insurance policy terms, conditions and exclusions.

	= Benefits of OCIPs =		= Benefits of OCIPs =

−	~~OCIPs~~ can reassure property owners of consistent coverage throughout the project. For instance, it ensures that no uninsured workers are on the job since rules are uniformly enforced by the insurer.	+	Owner-controlled insurance programmes can reassure property owners of consistent coverage throughout the project. For instance, it ensures that no uninsured workers are on the job since rules are uniformly enforced by the insurer.

	It also helps to clarify budgeting issues, since insurance costs are established at a consistent rate (rather than being controlled by each contractor) and handled by a single insurance provider.		It also helps to clarify budgeting issues, since insurance costs are established at a consistent rate (rather than being controlled by each contractor) and handled by a single insurance provider.

−	An ~~OCIP~~ approach may benefit property owners who are in charge of several simultaneous construction projects and can gain efficiencies by bundling several projects under this method of coverage.	+	An owner-controlled insurance programme approach may benefit property owners who are in charge of several simultaneous construction projects and can gain efficiencies by bundling several projects under this method of coverage.

	= Drawbacks of OCIPs =		= Drawbacks of OCIPs =

−	Bundled insurance provided by ~~OCIPs~~ may put an additional administrative burden on property owners charged with overseeing responsibilities that may not be within their area of expertise.	+	Bundled insurance provided by owner-controlled insurance programmes may put an additional administrative burden on property owners charged with overseeing responsibilities that may not be within their area of expertise.

−	Pricing of ~~OCIPs~~ may offer budgetary convenience for property owners, but it may also mean contractors are less motivated to control losses when those losses aren’t coming directly from their budgets.	+	Pricing of owner-controlled insurance programmes may offer budgetary convenience for property owners, but it may also mean contractors are less motivated to control losses when those losses aren’t coming directly from their budgets.

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =

		+	* Builder's insurance.
	* Contractors' all-risk insurance.		* Contractors' all-risk insurance.
−	* Damage caused by construction works.
−	* Environmental Impairment Liability (EIL).
	* Future of construction insurance.		* Future of construction insurance.
	* Insurance.		* Insurance.
	* JCT Clause 6.5.1 Insurance.		* JCT Clause 6.5.1 Insurance.
	* Making sure your builder has appropriate insurance.		* Making sure your builder has appropriate insurance.
−	* Professional indemnity insurance.
−	* Professional Indemnity Insurance clause in conditions of engagement.
−	* Residual value insurance.
	* Risk management.		* Risk management.
−	* Single project professional indemnity insurance
	* Subcontractor default insurance (SDI).		* Subcontractor default insurance (SDI).

	[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]		[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Editor at 14:45, 6 April 2020

2020-04-06T14:45:51Z

← Older revision		Revision as of 14:45, 6 April 2020
Line 1:		Line 1:
−	~~Owner~~-controlled insurance (OCIP) is a ~~form of coverage on building~~ projects ~~where the~~ property ~~owner purchases~~ insurance on behalf of all of the contractors ~~who will be~~ working on the job.	+	= Introduction =
		+
		+	An owner-controlled insurance programme (OCIP) is a business practice that consolidates insurance liability for construction projects. OCIPs allow property owners to purchase insurance on behalf of all of the contractors working on a project rather than allowing each contractor to purchase individual coverage. OCIPs are also referred to as wrap-up coverage or wrap policies.
		+
		+	OCIPs are purchased by the owner alone, which differentiates them from contractors' all-risk insurance or contractor controlled insurance programmes that are issued under the joint names of the contractor and the property owner.
		+
		+	= Scope of coverage =
		+
		+	An OCIP policy may include:
		+
		+	* Building related insurance
		+	* Construction.
		+	* Hazards.
		+	* Liability insurance.
		+	* Materials.
		+	* Terrorism insurance.
		+	* Umbrella insurance.
		+	* Workers' compensation (WC).
		+
		+	OCIP policies are written for the term of the project plus any extended periods, assuring continuity of insurance policy terms, conditions and exclusions.
		+
		+	= Benefits of OCIPs =
		+
		+	OCIPs can reassure property owners of consistent coverage throughout the project. For instance, it ensures that no uninsured workers are on the job since rules are uniformly enforced by the insurer.
		+
		+	It also helps to clarify budgeting issues, since insurance costs are established at a consistent rate (rather than being controlled by each contractor) and handled by a single insurance provider.
		+
		+	An OCIP approach may benefit property owners who are in charge of several simultaneous construction projects and can gain efficiencies by bundling several projects under this method of coverage.
		+
		+	= Drawbacks of OCIPs =
		+
		+	Bundled insurance provided by OCIPs may put an additional administrative burden on property owners charged with overseeing responsibilities that may not be within their area of expertise.
		+
		+	Pricing of OCIPs may offer budgetary convenience for property owners, but it may also mean contractors are less motivated to control losses when those losses aren’t coming directly from their budgets.
		+
		+	= Related articles on Designing Buildings Wiki =
		+
		+	* Contractors' all-risk insurance.
		+	* Damage caused by construction works.
		+	* Environmental Impairment Liability (EIL).
		+	* Future of construction insurance.
		+	* Insurance.
		+	* JCT Clause 6.5.1 Insurance.
		+	* Making sure your builder has appropriate insurance.
		+	* Professional indemnity insurance.
		+	* Professional Indemnity Insurance clause in conditions of engagement.
		+	* Residual value insurance.
		+	* Risk management.
		+	* Single project professional indemnity insurance
		+	* Subcontractor default insurance (SDI).
		+
		+	[[Category:Contracts_/_payment]] [[Category:Cost_/_business_planning]]

Editor: Created page with "Owner-controlled insurance (OCIP) is a form of coverage on building projects where the property owner purchases insurance on behalf of all of the contractors who will be working ..."

2020-04-06T13:29:49Z

Created page with "Owner-controlled insurance (OCIP) is a form of coverage on building projects where the property owner purchases insurance on behalf of all of the contractors who will be working ..."

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Owner-controlled insurance (OCIP) is a form of coverage on building projects where the property owner purchases insurance on behalf of all of the contractors who will be working on the job.