Owners Contractors Protective
What Is It?
OCP
liability coverage was designed to protect an owner who
could be
drawn into a suit because a contractor, hired by the
owner, causes injuries or damages to a third party.
Coverage provided is
Vicarious Liability for the Named Insured protecting
against acts of the designated contractor arising out of
General Supervision.
What Does It Cover?
It
does cover Bodily Injury and Property Damage.
It does not cover Products
and Completed Operations or Personal & Advertising
Injury.
Why Is It Needed?
It
does cover Bodily Injury and Property Damage.
Q: If
the General Contractor has named the owner as an
Additional Insured the owner will have coverage through
them right?
A:
While this is true, in the event of a lawsuit the GC and
the Owner would be sharing limits. The OCP provides
separate occurrence and aggregate limits designated
solely to protect the owner.
In
many cases the bank or lender providing the funds will
require
the owner to have their own coverage in place during
construction. Be sure to review the bank requirements
to determine which coverage form they require.
What Coverage Form?
All of our markets quote
using the standard ISO CG 0009, though the edition date
may vary by carrier.
What's Eligible?
All of
our markets quote using the standard ISO CG 0009, though
the edition date may vary by carrier.
Both Ground-up Construction
and Renovation projects are eligible, as long as the
General Contractor has named the Owner as an Additional
Insured. Coverage can even be written for Condo
Conversions!
To obtain terms,
please send the following:
|
h |
Complete Acord application |
|
h |
OCP Supplemental application |
|
h |
Project cost details |
Prior to quoting, some carriers
also require:
|
h |
Certificate of Insurance from GC showing the
Owner as an Additional Insured. |
|
h |
Copy of the contract between the Owner and the
GC |