When a project owner takes out an OCIP insurance policy, the coverage is specifically designed to provide general liability protection meant for one particular and specific building project. Sometimes known as wrap-up insurance, the coverage once was only for projects that cost millions of dollars. Today, smaller construction and renovation site contractors protect themselves and the project with OCIP coverage. Here are three events owners can add to plan coverage.
Builder’s risk is coverage of the building during construction. It provides protection for any damages caused by fires, extreme weather, lightning strikes, hail, and other unexpected occurrences. Temporary structures such as shoring and scaffolding are also covered if the damage is caused by vandalism or theft. OCIP covers it all.
Although not all building sites have the possibility of toxic gases, chemical spills, or pollution-related fumes, when the incidents do occur, they can be extremely costly to clean up. There are also often lawsuits due to associated injuries and illness. OCIP coverage can protect you.
Many liability policies have coverage limits that are too low to appropriately cover the potential risks to many commercial enterprises. An umbrella policy addition can ensure you have a large enough liability coverage to fully protect you and your employees from the unthinkable risks that can occur.
OCIP insurance protects the property owner, contractor, and other construction team members. Protect yourself, and your team, with an owner-controlled insurance program.