Owner Controlled Insurance Policy (OCIP)
Definition - What does Owner Controlled Insurance Policy (OCIP) mean?
An owner controlled insurance policy is an insurance policy in which one party purchases insurance coverage for all or the vast majority of people working at a construction site on a particular project. This includes regular construction staff, contractors, subcontractors, and other personnel who may be working on the site at any given time.
These policies are often referred to as "wrap ups."
Insuranceopedia explains Owner Controlled Insurance Policy (OCIP)
Purchasing owner controlled insurance policy is a way to reduce the owner's exposure to risk. Even smaller construction sites have a number of personnel working on various work task, often with heavy equipment or at height. The resulting hazards make these work sites especially prone to losses.
Owner controlled insurance policies make the insuring process simpler by providing different types of coverage under a single policy, such as commercial general coverage and workers' compensation.
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