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Last edited 01 Mar 2021
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 policies may include:
- Building related insurance.
- Liability insurance.
- Terrorism insurance.
- Umbrella insurance.
- Workers' compensation (WC).
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.
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
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.
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.
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