Owner Controlled Insurance Program (OCIP) is liability coverage focused on contracting risks, attempting to manage in a single contract the broad interplay of exposures and interests among owners, general contractors, and subcontractors. These type of policies will insure all contractors on the job. They can be written for both the general liability and workers’ comp, or just one. Typically, the cost is shared by all contractors via their bid/proposal for the job.
OCIP policies have these benefits: a) assures the project owner(s), the general contractor, and lenders that the proper insurance is carried by all contractors and b) allows the general contractor to choose subcontractors that may not otherwise meet the insurance requirements. If a contractor does work on an OCIP/Wrap project, his own contractor insurance does not cover that job. Nor does he have to pay premiums to his insurance company for the sales coming from an OCIP/Wrap project.
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