What is Covered Under an OCIP?

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Jobsites have a number of risks and it is important to be covered when working on a project. An OCIP, Owner Controlled Insurance Program, is an insurance program that is purchased by the owner of a construction project. It is one insurance program for all tiers involved in the project - from the Owner to the General Contractor down to all levels of subcontractors.

Now you may be asking yourself, what exactly is covered under an OCIP? Let’s review some of the basics that are generally covered.

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Topics: wrap ups, OCIP

Why Should You Do a G/L Only Wrap-Up?

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As an owner with a construction project and an eye towards risk management, you might not realize there are different Controlled Insurance Programs (CIPs) or Wrap-Ups to choose from. General Liability (G/L Only), Single Project, Full Wrap, Rolling Program, and Maintenance Program are the main choices. Let’s examine the benefits of a G/L Only Wrap-Up. 

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Topics: wrap ups, general liability

Completed Operations Coverage (Part 2)

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Last week, TSIB explored why Completed Operations coverage was important and who it affects. This week, we want to discuss the key time periods of completed operations.

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Topics: wrap ups

Completed Operations Coverage (Part 1)

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Imagine you are a fire sprinkler installer and you use incorrect fittings to install sprinkler heads in an office building. Two years after the project is completed, the heads begin to leak and damage the drywall, carpeting, and computer equipment of a tenant. Your Completed Operations coverage will step in and pay for the claims on this property damage. However, the coverage will not pay to fix your defective work, leaving your company responsible for that bill.

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Topics: wrap ups

3 Helpful Hints When Enrolling in a Wrap-Up!

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Are you working on a project covered by a Wrap-Up? Do you have to enroll in the program and are not sure where to start? Luckily, we’re here with 3 hints to make enrolling in a Wrap-Up easy!

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Topics: wrap ups

3 Reasons Why Wrap-Up Programs Benefit Trade Contractors!

 

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Construction is on the rise!  Not only is there an increase in new construction jobs; the volume has gone up as well.  Due to the increase, Owners and General Contractors (GC) are opting to implement more Controlled Insurance Programs (CIP or Wrap-Up) than ever before. Rumor has it that Wrap-Up’s only benefit the Owner and the General Contractor, but what about the trade contractors?

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Topics: wrap ups, wrap up insurance

What You Need to Know About Risk ID

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When enrolling in a Wrap-Up, you may be asked for your company’s Risk ID number (Risk Identification Number). Below are 5 points you need to know about your Risk ID.

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Topics: wrap ups, Risk ID

4 Tips About Wrap-Up Payroll!

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Typically, Wrap-Up programs require subcontractors to submit payroll for work done on a project site. Below are 4 tips on submitting payroll on a Wrap-Up!

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Topics: wrap ups, wrap up insurance, wrap-up payroll

3 Questions To Ask On A Wrap-Up!

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Beginning work on a construction project covered by a Wrap-Up can seem confusing. We can help!  Below is a quick breakdown of a few important questions every contractor should know before getting started on a new project. 

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Topics: wrap ups

What is Wrap-Up Insurance?

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Wrap-up insurance programs are becoming more common in the construction industry, but many owners and contractors are unfamiliar with how they function. This article will discuss what a wrap-up policy is, and if your construction company could potentially benefit from one.

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Topics: wrap ups

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