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Wrap-Ups, Builders Risks, Commercial General Liability (CGL), Workers Compensation & Umbrella Liability for Contractors, Sub-Contractors & Construction Companies
Wrap-UP vs OCIP vs CCIP. What Are They? What’s the Difference?
Clearing up the confusion is very important. The term “Wrap-Up” is quite simple when you think about it. When working on a large project with multiple contractors and subcontractors working together, it can be complex making sure that everyone has the appropriate insurance (or has insurance at all). Even worse, when one there is an incident while working on the project, it can be a legal battle between the different parties and their insurance companies on who has to pay what. So, it’s better to have one policy that covers all parties involved or in better words, it “Wraps Up” all the policies into one. Now, where does OCIP & CCIP come into play? Well, it all depends on who is the main stakeholders. If the property owner is where the project is taking place then it’s an OCIP or an Owner Controlled Insurance Program. If the Lead Contractor is the policy Holder then its a CCIP or Contractor Controlled Insurance Program.
Who Needs Wrap-Up, OCIP or CCIP
If you or your company are doing construction or renovation via contract on a collaborative project, especially if for large time-sensitive projects where there will be multiple groups and subcontractors, then you should consider a Wrap-Up, OCIP or CCIP.
Common Wrap-Up, OCIP & CCIP Coverages
✔ Builder’s Risk
✔ Commercial General Liability (CGL)
✔ Workers Compensation (WC)
✔ Umbrella Liability/Excess Insurance
✔ Employers Liability
✔ Inland Marine
✔ Contractor Default Insurance
✔ Contractors Pollution Liability (CPL)
Safeguards machinery and tools at job sites, your storage yard, and points in between.
Commercial General Liability
This is a standard policy issued to a business to protect them from primarily liability claims of property damage & bodily harm.
Excess & Umbrella Liability
This Gives excess liability coverage beyond your general liability limits. a typical GL policy may only cover up to 1 million your umbrella policy might cover 9 million or more. However, it only kicks in after the main policy is exhausted.
This is property insurance for property that is not stationary, typically construction tools and equipment, from one location to another. However, these can be more limited in the case of CCIP where the transportation is not covered only the proper while on project site.
Contractors Pollution Liability (CPL)
This protects contractors from claims or lawsuits forages and clean up as a result of pollution conditions as a result of work or operations done by or subcontracted out.
Protects structures and materials during new construction projects or renovations.
This Protects the Employer/business and employee. The employee gets partial or complete coverage of medical bills from injury and a portion of lost wages. The employee gets protection against lawsuits against them from employees.
Employers liability, while similar to workers compensation, however, this protects the employer from negligence on the employer’s behalf in case of a lawsuit or legal litigation from employee or worker.
Contractor Default Insurance
This is an alternative to a performance bond. it covers construction management losses due to subcontractors defaulting. common situations covered inability to the Complete scope of work and Defective or nonconforming work.
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The Key to Affordable CCIP Insurance
We represent dozens of insurance companies with trustworthy brands you know. Our Licensed and accredited agents will guide you to a Personal Business or CCIP Insurance Policy that fits your needs. We will show you your local tailored options without bias. All you have to do is sit back and enjoy the savings.
How Do We Provide the Best CCIP/OCIP Insurance Prices?
It’s actually quite simple. Our agents are “Non-Captive” which means that, unlike other agents who can only offer policies form one company, we can get you quotes and policies from multiple carriers and multiple insurance companies. That is how we can vow to keep your best interest in mind!