Understanding Wrap Insurance Policies

Construction job sites entail particular liabilities for property owners and contractors alike. To effectively manage this liability, many job sites now include an Owner Controlled Insurance Program (OCIP) or a Contractor Controlled Insurance Program (CCIP). These programs are becoming more and more popular as a way to insure construction projects. Generally speaking, these programs can be a cost efficient and effective way of insuring a project, but there are some important pitfalls to address for contractors.

The Difference Between a WRAP, OCIP and CCIPs

A general contractor sponsors a CCIP, a construction project owner is responsible for sponsoring an OCIP. These programs and generally referred to in the insurance industry as wrap-up or wrap policies.