Proactive Steps to Minimize Exposure
OCIP/ROCIP – OCIP or Wrap Up Insurance is a risk management tool where one insurance company can provide multiple coverages on a project. It eliminates duplicity and reduces the cost by utilizing the purchasing power of all contractors. ARC can provide a feasibility study to determine if your project qualifies. This cost-benefit analysis compares the cost of contractor-provided insurance to the cost of an Owner Controlled Insurance Program (OCIP). The study also includes non-financial considerations such as the type of project and other factors that could influence the potential for cost savings.
Insurance Requirements/Review – Review insurance requirements and make written recommendations regarding all facets of insurance coverage for projects.
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