What is a Wrap-Up Insurance Program or OCIP?
A Wrap-Up, wrap policy, or OCIP (Owner Controlled Insurance Policy) is an insurance idea that has been around for almost 40 years. They are policies that provide the owner of a construction project a single source of liability insurance for all involved parties from the owner/developer to the general contractor and all subcontractors and sub-tier subcontractors for the project’s duration. The more common format is a program that provides general and excess liability, but wrap programs can also be written to cover workers compensation. Coverage for all participants is provided during the construction process through completion. In addition, it provides construction defect liability, usually for another 10 years, which covers the statute of repose in most states. » More information about a Wrap-Up Insurance Program • What are the advantages of these policies for developers? By eliminating duplicate coverages, competing insurance carriers, and administrative hassles, wrap policies reduce
