Construction Financial Management Association – OCIP Journal Article

Denver, CO, Sept. 1, 2000 – David L. Grenier, President of C-Risk, Inc., has authored an article for the September/October 2000 annual Risk Management issue of CFMA Building Profits entitled, "Owner-Controlled Insurance Programs". The article provides a overview of OCIP advantages & disadvantages for owners and contractors, potential insurance savings, costs/benefits, and coverage issues.


OWNER-CONTROLLED INSURANCE PROGRAMS - Part 1
by David L. Grenier

"Owner-controlled insurance programs (OCIPs) are a type of wrap-up, an increasingly popular insurance procurement option that allows coverages for multiple insureds to be bundled (or wrapped-up) into one consolidated program.

OCIPs are typically used on very large construction projects involving many contractors and subcontractors. They provide an owner with certain cost savings; as well, they offer some advantages for contractors and subcontractors working on the project.

Construction financial managers should familiarize themselves with these programs in order to ensure that their companies are adequately protected when they chose to bud on and/or participate in an OCIP."

This article provides CFOs and construction professionals with a broader understanding of an OCIP's features, benefits and drawbacks. The complete article, "Owner-Controlled Insurance Programs - Part 1", along with other articles on wrap-ups and construction risk management, can be accessed in the Articles section of the C-Risk.com Reference Library.