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Insurance for Construction Projects.
A developer controlled construction project can be insured through an umbrella policy which is often called an owner controlled insurance programme (OCIP).
It is designed to accommodate the insurance needs of a wide range of construction projects, ranging from residential blocks to imposing civil engineering contracts.
The developer-employer or a lead contractor can both purchase this cover and it can include the following cover:
Benefits of buying a ring-fenced construction project insurance policy compared with outsourcing insurance to a lead contractor's Contractors Combined policy are: