Wrap-Up Challenges and Benefits

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If this is your first Construction project, finding the right insurance program is the key to the project’s success. Traditionally, Project Owners require all of their Contractors to provide their own insurance in their bid. An increasingly popular insurance method is to implement a Wrap-Up Program.

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Topics: CCIP, OCIP, Wrap-Ups

Wrap-Ups—A Closer Look at Claims Management

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Wrap-Ups are a great risk management tool for large construction projects. There are many moving parts of a Wrap-Up program, which can seem overwhelming if you do not have the proper structure in place. The key elements of a Wrap-Up that create this structure include Program Design, Financial Risk, Administration, and Claims Management.

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Topics: Claims, CCIP, OCIP, Wrap-Ups

Wrap-Ups—A Closer Look at Program Design

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A Controlled Insurance Program (CIP, also known as a Wrap-Up) is a smart risk management tool for any construction project. However, before the first shovel hits the dirt, you have a big decision to make—who will be the Sponsor for your project?

The Sponsor is responsible for the Wrap-Up’s key elements, like Program Design, Financial Risk, Administration, and Claims Management. With an OCIP, the Owner is the Sponsor for the project. With a CCIP, the General Contractor is the Sponsor for the Project.

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Topics: CCIP, OCIP, Wrap-Ups

Wrap-Ups—A Closer Look at Wrap Administration

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Once you have decided to utilize a Wrap-Up program on your construction project, it’s important to decide who will Sponsor the program. Determining the best Sponsor is crucial, as this sets your project up for success.

The Sponsor is responsible for the Wrap-Up’s key elements, like Program Design, Financial Risk, Administration, and Claims Management. With an OCIP, the Owner is the Sponsor for the project. With a CCIP, the Contractor is the Sponsor for the Project.

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Topics: CCIP, OCIP, Wrap-Ups

Wrap-Ups – A Closer Look at Financial Risk

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You have decided to utilize a Controlled Insurance Program (CIP, also known as a Wrap-Up) for your construction project. That’s great! Now deciding who will be the Sponsor for your project is crucial for its overall success.

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Topics: CCIP, OCIP, Wrap-Ups

6 Types of Wrap-Up Programs

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Wrap-Up Insurance Programs are an attractive alternative to insure a project. These programs allow for the Purchaser (typically an Owner, Developer, or General Contractor) to reduce the overall costs of insurance while simultaneously reducing administrative costs and consolidating the management activities of the program. These products are designed to streamline the insurance process between a single Purchaser, Broker, and Underwriter. Below are 6 types of Wrap-Up Programs:

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Topics: Wrap-Up Insurance, CCIP, OCIP

OCIPs: The 5 Cultural Benefits for Your Company

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You’ve decided to implement an OCIP (Owner Controlled Insurance Program) for your next construction project. In doing so, your company will reap the benefits of an OCIP, such as cost control, enhanced & uniform coverage, and claim control. However, did you know that your company will also gain cultural benefits too? Let’s examine the top 5 cultural benefits of an OCIP. 

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Topics: Wrap-Up Insurance, OCIP

The 4 Components of a CCIP and OCIP

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Whether this is your first construction project or you’re a seasoned expert, finding the right CIP is key to the success of your project and procuring the best rates. It’s important to remember that the most successful programs are from project participants who work as a team. Continue reading this post to learn about the 4 components of a CCIP and OCIP.

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Topics: Wrap-Up Insurance, CCIP, OCIP

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-Up Insurance, OCIP

OCIP and CCIP – Their Benefits and Challenges

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Construction projects can benefit from different types of controlled insurance programs: an Owner Controlled Insurance Program (OCIP) or a Contractor Controlled Insurance Program (CCIP). While a general contractor sponsors a CCIP, a construction project owner is responsible for sponsoring an OCIP.

When determining which program is best for your project, here are some of the benefits and challenges you should be aware of.  

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Topics: Wrap-Up Insurance, CCIP, OCIP