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Jun 19, 2024 · What is a Controlled Insurance Program (CIP)? A Controlled Insurance Program (CIP), also called wrap-up or wrap insurance, is an insurance package designed to cover all liability and losses during an entire construction project, or across multiple projects.
May 24, 2012 · Most contractors operating in the United States have participated in an Owner Controlled Insurance Program (OCIP). Due to a variety of approaches adopted by OCIP sponsors, contractors have different opinions about them. Successful OCIPs provide a true collaboration among all project participants to manage risks and reduce total construction costs.
Jul 30, 2024 · A collateral warranty is a legally binding agreement in construction contracts where a third party, typically a consultant or contractor, provides a warranty directly to a beneficiary who is not a party to the original contract.
Feb 2, 2021 · The Difference Between a WRAP, OCIP and CCIPs. A general contractor sponsors a CCIP, a construction project owner is responsible for sponsoring an OCIP. These programs and generally referred to in the insurance industry as wrap-up or wrap policies.
Mar 29, 2023 · A Controlled Insurance Program (CIP) is commonly known as a “wrap-up” insurance program and can take the form of an OCIP (owner sponsored) or CCIP (contactor sponsored).
Sep 17, 2023 · Wrap-up insurance is a liability policy that serves as an all-encompassing insurance that protects all contractors and subcontractors working on large projects costing over $10 million. The...
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Mar 31, 2017 · Controlled insurance program (CIP) feasibility analysis is the process of considering whether a CIP is a viable risk financing option for a project. The analysis should not only determine if a CIP is feasible but also whether it is the best risk financing approach among all possible options.