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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:
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