Responsibility equals risk
Construction developers and project owners are responsible for the actions and safety of everyone on a project — contractors, designers, engineers and public and private partners.
And when any of them encounter liability, you do too.
While your contractors and subcontractors likely carry their own liability insurance, that coverage may not be enough to adequately protect owners across the many different exposures in a project. It’s critical that owners and developers understand the different types of insurance coverage they may need to mitigate risk when undertaking a large project.
Protect your project with builder’s risk insurance
Structures under construction are at great risk throughout the course of a build. Project owners and developers must ensure they have sufficient coverage to protect their project in the event of fire, water damage or theft during construction. Builder’s Risk — also known as Course of Construction (CoC) insurance — covers all property used throughout construction, installation and renovation projects.
Protect yourself with an owner-controlled insurance program (OCIP)
As a construction developer or building owner, you operate in a high-risk environment where you’re at the center of a closely regulated, competitive and potentially dangerous industry. With so many people involved in your projects, your risks and exposures are compounded.
An OCIP (or “wrap-up” insurance) is vital for construction developers and building owners; it offers an alternate way to purchase general liability and umbrella insurance that covers the owner or developer, the general contractor and all subcontractors in one insurance package. This program streamlines the risk management process, reduces administrative burdens on the general contractor and provides higher limits to protect everyone involved in a given project.
