Ocip Insurance Cost Worksheet

How does the owner or its broker intend to administer the ocip. If your firm or your insurance broker does not supply the required documentation of insurance rates deductibles aggregates etc to verify the monthly insurance costs a minimum 325 rate against contract value will automatically apply until such time as the documentation is provided.

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Due to a variety of approaches adopted by ocip sponsors contractors have different opinions about them.

Ocip insurance cost worksheet. Every ocip has its own insurance safety and claims procedure manuals. An ocip is a single consolidated insurance program that provides coverage for the owner the enrolled contractor and all enrolled. To illustrate this point consider competing bids from subcontractor a whose insurance cost is 50000 and bid price for material and labor is 1 million and subcontractor b whose insurance cost is 30000 but the bid price for materials and labor is only 800000.

Contractor controlled insurance programs ccip tsib manages the largest rolling ccip program in the construction industry through their sister company turner construction. The yale university yale or owner owner controlled insurance program ocip is designed and administered in accordance with laws of connecticut. Most contractors operating in the united states have participated in an owner controlled insurance program ocip.

Workers compensation commercial general liability umbrella coverage and builders risk description and analysis. Successful ocips provide a true collaboration among all project participants to manage risks and reduce total construction costs. Form 1 page 1 of 2 owner controlled insurance program insurance cost information worksheet all contractors subcontractors and subsubcontractors of every tier are required to complete this worksheet and submit as part of your bid.

The intent of this outline is to give the region project manager a basic understanding of the contract requirements of an owner controlled insurance program ocip and to give some guidance on how to include ocip in a design build project. The contractor may therefore have grounds for excluding the cost of buying down any higher deductible from any insurance credit that the ocip will require the contractor to give to the owner. Since its inception in 2001 the tsib ccip has enrolled over 1300 individual projects with a combined construction cost in excess of 40 billion.

At the outset it is important for the contractor to ensure that the owner incorporates these manuals into the. Insurance costs ocip costs savings projects construction value 350000000 payroll 70000000 20 insurance premiumrevenuecost avoidance of cv owner charge or contractor credits wcglxs 9625000 275 total 9625000 ccip program costs minimum loss aggregate maximum. Normally the contractors deductible for its own builders risk does not exceed 5000.

Preparing For An Ins Audit Sep 2016 Update 090616 Final Pub