Insurance Risk Management Solutions for Companies & Homeowners

OCIP and CCIP Wrap Programs in DFW

Over the last few years, there has been an increase in concerns and concern about the use of owner-controlled insurance plans (OCIPs) and contractor-controlled insurance programs (CCIPS) in the construction industry. OCIP and CCIP policies are also known as "wrap-up" or "wrapped" insurance plans.

The standard insurance strategy necessitates that each group obtain and retain different coverage. In most cases, the contractor and subcontractor provide the cost of protection, plus a markup, in their job bids.

Typically, liability is then moved downstream, from owners to general contractors and then to subcontractors, through contractual indemnifications, contractually defined minimum insurance mandates, and additional insured clauses.

Tower Street Insurance & Risk Management will assist you in protecting yourself from nonpayment. We will assist you with protecting the liabilities, whether the nonpayment be due to insolvency or a customer's failure or unwillingness to pay under the terms of a contract.

You can find our service at AllenAustinDallasPlanoSan AntonioSouthlakeWestlake and surrounding areas. 

Call us at 972-472-2040 to know more about our service with free estimates!

Benefits of Wrap Up Program

Wrap-up programs can provide a number of benefits, including the following:

Potential cost savings: Wrap-up plans are meant to minimize total insurance rates by offering volume incentives for the entire project.

Consolidated coverage: The project owner and general contractor will set minimum insurance conditions for downstream members in the standard approach, under which individuals obtain their own insurance. However, determining whether vendors and subcontractors have secured the appropriate limits and forms of coverage can be challenging. Wrap-up systems, on the other hand, give the governing body more say about the forms, duration, and boundaries of coverage.

Higher requirements: The majority of wrap-up plans have very high requirements. If a big accident happens on a project that is not covered by a wrap-up scheme, the liable contractors will not have sufficient limitations to cover the allegation. As a result, the owner or general contractor may be liable for the disparity. If, on the other hand, the project is protected by a wrap-up program, the cap should be appropriate to cover the event.

Centralized safety and risk control: Program sponsors may maintain centralized safety and risk management services in cooperation with their brokers, insurers, and safety practitioners. This will reduce the extent and seriousness of accident and physical loss lawsuits, decreasing project insurance rates.

Efficient claims processing: Since a single insurer is in charge of handling claims, the process is more efficient under wrap-up systems.

Reduced conflicts among insured parties: Since wrap-up plans protect both parties on a project under a single scheme, they mitigate coverage disputes and subrogation problems between insureds and insurance providers for covered claims that arise on the project.

Access to contracts: Wrap-up services will provide vendors and subcontractors with access to projects that they would not have been able to adequately insure otherwise.

Potential Downfall:

Since wrap-up plans often have several forms of coverage for a variety of entities, program sponsors often inherit logistical responsibilities. Sponsors will be expected to review and authorize program papers, consult with underwriters, and review claims in addition to buying the wrap-up program.

To resolve these concerns, initiative sponsors may appoint or recruit people to assist with program administration, which can increase total costs. Although wrap-up plans often result in cost savings, they are, like any insurance scheme, susceptible to price volatility. As a result, future expense benefits must be carefully weighed. Reliance Insurance will help you determine your risk control plan.

Why Choose Us?

Trust on Tower Street Insurance & Risk Management for OCIP & CCIP Wrap Program

For several years, Tower Street Insurance & Risk Management has been popular in DFW and surrounding areas. We have more than 150 years of collective years of experience in insurance field and around 5.5K written policies.

We have commercial insurance coverages for directors & officersworkers’ compensationcyber liabilitypersonal and commercial risk management service and client advocacy. Call us today at 972-472-2040 or contact online to know the reviews from our satisfied customers.

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Reviews from Our Satisfied Customers

I love Tower Street and receive the best service from them! They are reliable, caring, and always supportive. Can’t recommend them enough!

- Abby

Chris is a great insurance advisor. He has extensive knowledge of markets, coverages, and risk. I highly recommend him. I wish I had more business to send him.

- Larry

Ashleigh provides a high level of expertise, competency and personal service to all of her clients. You would be crazy not to use Ashleigh for your personal insurance needs.

- Marc

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