Construction Insurance for Developers
Owner Controlled Insurance Programme (OCIP)
An OCIP is a bespoke construction insurance for developers, protecting all parties involved in the construction project. An OCIP is usually purchased by the owner of the construction project, often a property developer, and is designed to offer comprehensive insurance for the duration of a construction project. Having an OCIP in place removes the reliance on the contractor’s annual insurance and gives developers the peace of mind that their project is insured against the full range of risks. OCIPs are reassuring for developers because they reduce the risk of cover gaps and remove reliance on insurance arranged by third parties, such as contractors or the supply chain.
An OCIP comprehensively insures for every part of a construction project, including property damage, personal injury, and certain liabilities. OCIPs can also cover contractors, subcontractors, employees, and third-party claims. OCIPs are bespoke to each developer’s needs, but a programme can typically include the following:
- All risks contract works protection against physical loss or damage
- Existing property for all risks or specified risks
- Increased costs of the works
- Delay in Start-Up costs, including loss of rent
- Public liability cover
- Non-negligence
Insurance policies are subject to underwriting, eligibility, terms, conditions and exclusions. Cover limits and features may vary.
The level and type of cover will depend on your individual requirements and underwriting assessment.
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