Insurance certificate management for OCIP programs
Insurance certificate management is the process of tracking and managing the insurance certificates for all other insurance requirements not covered by the OCIP, such as Workers Compensation, Auto Insurance & other coverage as required by the owner/GC for all parties involved in a construction project that is covered by an Owner Controlled Insurance Policy (OCIP). This process typically involves the following steps:
1. The owner of the project obtains an OCIP insurance policy that covers all eligible contractors, subcontractors, and other workers involved in the project.
2. The OCIP Administrator (on behalf of the owner) provides each contractor and subcontractor with a Certificate of Enrollment that shows the limits of the OCIP policy and their coverage under the policy.
3. The contractors and subcontractors provide Certificates of Insurance as proof of their own insurance policies, such as general liability, workers’ compensation, and auto insurance to the owner.
4. The owner maintains a record of all insurance certificates and policies, including expiration dates and policy limits.
5. The owner periodically reviews and updates the insurance certificates and policies to ensure that they remain current and adequate for the project.
Insurance certificate management is an important part of an OCIP insurance program, as it helps to ensure that all parties involved in the project are properly covered and that there are no gaps in coverage. It also helps the owner to manage the insurance process and keep track of all the relevant details.