OCIP & CCIP
Slash insurance costs, gain more benefits, and simplify your plans with OCIP and CCIP – your answer to managing project risk.
get a free
Control Project Risk, Gain More Benefits, and Save Costs with OCIP & CCIP
Want real value for money on your insurance? OCIP/CCIP is the way to go for project owners and contractors. OCIP/CCIP means more for less. You don’t want to be burdened with managing insurance complexities as a busy project owner or contractor. After all, time is worth more than money. Hence, you should save time, effort, and money with the following OCIP/CCIP benefits.
OCIP/CCIP Demystified – Why It Matters for You
In OCIP/CCIP, the project owner or contractor takes charge of all things insurance. This person handles just one centralized insurance plan that covers all contractors and subcontractors involved in the project. This approach yields several benefits. As you might know, bulk insurance is often cheaper than multiple insurance plans. Not just that, the project team saves time and effort since just one stakeholder is responsible for handling insurance matters.
One central insurance plan is easier to understand. With better understanding comes better management. This means faster claims handling and insurance policy administration. Contractors can be more competitive and thus win more projects by demonstrating a better insurance plan with CCIP.
Finally, a Master Plan That Protects All Stakeholders
Protecting against liability and losses is critical for project owners and contractors. However, understanding insurance alternatives may be difficult, particularly for busy contractors. Individual plans may not be the most cost-effective option, resulting in coverage gaps. Controlled Insurance Programs (CIP), such as Contractor Controlled Insurance Programs (CCIP) and Owner Controlled Insurance Programs (OCIP), come into play in this situation.
CCIP and OCIP are master insurance policies that provide full coverage for all project participants. Rather to obtaining individual plans, stakeholders prefer a consolidated plan that covers everyone. This method simplifies insurance management, assures consistent coverage, and avoids potential protection gaps. By choosing CCIP or OCIP, project stakeholders can focus on their work with confidence, knowing that their insurance needs are comprehensively addressed under a single, well-structured policy.
OCIP vs. CCIP – Which One is Right for Me?
For the most part, OCIP and CCIP work similarly. The main difference between the two is that OCIP (owner-controlled insurance programs) is owned by the project owner/sponsor. In contrast, the chief contractor owns the CCIP (contractor-controlled insurance program). One key benefit of the CCIP is that if the contractor is a well-established, reputable entity with a great track record of work safety, they may enjoy a decent discount on their CCIP premium. The OCIP package typically provides employer’s liability, worker’s compensation, excess liability, and commercial general liability insurance.
Additional insurance policies like umbrella and builder’s risk insurance may be procured when required. The CCIP package often provides similar insurance policies.
Key Service Features for Clients
speak to our experts today
Contact our GGA team today for your no-obligation analysis & consultation.
OCIP/CCIP is just what you need to simplify project risk management. This approach involves much greater convenience and cost savings, giving you an edge in project completion.
OCIP/CCIP provides a wide spectrum of benefits that will help streamline insurance administration. A single person, the project owner or the lead contractor, can take charge of a central insurance plan covering all contractors involved. Hence, project stakeholders can direct their time and energy toward project completion. Since the plan is centralized, everyone is covered. Hence, there is no risk of any contractor being left out with no or little coverage. This centralized approach provides increased cost savings. Bundling insurance plans in one package rather than buying them all separately entails lower costs. Thanks to these and other benefits, OCIP/CCIP is your all-in-one solution for comprehensive project insurance.
Frequently asked questions
Both provide similar benefits. The key difference is that the lead contract has ownership of the CCIP, while the project sponsor/owner has ownership of the OCIP. The CCIP can sometimes be cheaper if the lead contractor has an excellent reputation for work safety. This means lower risk and, thus, lower premiums.
It will vary depending on your business needs. However, the OCIP/CCIP generally provides worker’s compensation, liability, and excess liability insurance. Builder’s risk and umbrella insurance are also often available.
The owner of the CCIP/OCIP bears responsibility for managing all aspects of the insurance plan. This leaves others free to pursue core project activities. The owner purchases the policy, collaborates with insurance experts to set the right coverage level, ensures that all stakeholders fully comply with all insurance plan stipulations, forwards claims, and communicates with the insurance company when required.
Yes, it does. By covering everyone, the OCIP/CCIP ensures that no one is left behind with insufficient coverage. Contractors and subcontractors are relieved from buying and handling insurance on their own. They can thus channel all their time and energy toward project work.
This depends on the project contract. If the project contract says so, everyone must be covered by the CCIP/OCIP.
The OCIP/CCIP works well for projects both big and small. However, it is virtually necessary for large-scale projects involving many contractors and subcontractors. The inherent advantages of OCIP/CCIP benefit large-scale projects the most.