Construction Projects – Owner Controlled Insurance Programmes (OCIPs)

There are three core classes of insurance that form an OCIP:

• Construction All Risks (CAR) – this policy covers physical loss or damage to the contract works. If there is insured damage (e.g. a fire), this policy will indemnify the insured for the cost of reinstatement of the damaged works.
• Third Party Liability – this policy provides indemnity for legal liability following third-party property damage or third-party bodily injury arising from the works.
• Delay In Start-Up – many clients are concerned about the revenue they will lose if the project fails to complete on time. Delay in start up insurance indemnifies the owner and lenders (if applicable) for financial loss following a delay in project completion, arising from an event which is covered under the CAR policy.