Owner Controlled Insurance Program
OCIP. An Owner Controlled Insurance Program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is used to cover all liability and losses from the construction project or projects.
What is difference between OCIP and CCIP?
Both OCIP and CCIP provide liability coverage across all parties on a project. The primary difference is that a Contractor-Controlled Insurance Program (CCIP) is purchased by the general contractor, while the property or project owner holds the policy on the Owner-Controlled Insurance Program (OCIP).
What is the use of OCIP?
Ocid 20 Capsule is a medicine that reduces the amount of acid produced in your stomach. It is used in the treatment of acid-related diseases of the stomach and intestine such as heartburn, acid reflux, peptic ulcer disease, and Zollinger-Ellison syndrome.
What is the difference between OCIP and builders risk insurance?
Unlike the traditional construction insurance model, where each contractor or subcontractor purchases their own individual insurance policies to cover their liability, under owner controlled insurance programs, the property owner or developer, general contractor, and subcontractors all become named insureds under a
What is OCIP deduction?
In an OCIP, the project management company requires the contractor to follow a bid deduct methodology, in which the costs of providing the insurance coverage are deducted from the bid that the contractor makes for the project.
What does CCIP mean?
Contractor-Controlled Insurance ProgramsContractor-Controlled. Insurance Programs. Contractor-controlled insurance programs, a.k.a. CCIPs or wrap-ups, are an alternative method for insuring large construction projects (typically those in the $200 million+ range) that have numerous subcontractors.