Benefits
> Comprehensive insurance
coverage for all
Purchasing power equals better coverage, which means a more
comprehensive insurance policy that covers every aspect of
the job site. This translates to no gaps in coverage or expired
subcontractor policies.
Available insurance coverage under the
OCIP/CCIP typically includes:
• Workers Compensation and Employers Liability
(Injury to Employees)
• General Liability/Completed Operations (Injury to
Third Parties or Third Party Property Damage)
• Excess/Umbrella Liability (Provides high limits of
insurance) not additional coverage but additional limits
When appropriate the following can be
included:
• Builders Risk (1st Party Property Damage to property
that will become a permanent part of the project)
• Professional Liability (Covers liability arising out
of architect, design, and engineering errors)
• Environmental Liability (Covers liability arising
out of environmental impacts)
• Contractor Default Insurance (Covers default of subcontractor,
a replacement for surety bonds)
Dealing with an ever changing market,
residential exclusions
Large multifamily residential complexes and subdivisions are
becoming more and more difficult to cover. Many insurance
carriers have dropped residential coverage for contractors
due to excessive claims, or the residential coverage is still
available but at a prohibitive price. The purchasing power
of a wrap up allows the coverage to be purchased and allows
smaller contractors access to bid on a project otherwise unavailable
to them.
Subcontractors will still be required
to carry certain insurance coverage for the protection of
themselves and the project team. These include:
• Contractors Equipment (Cranes,
Mobile Equipment, Small Tools)
• Auto Coverage
• Workers Compensation for activities unrelated to this
project
• General Liability for activities unrelated to this
project
• Excess / Umbrella Limits as required by contract
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