bigmig
Structural
- Aug 8, 2008
- 401
Has anyone here ever been asked to sign up under an OCIP policy at the end of a job?
I have a project and the owner's attorney is requesting that everyone 'enroll'....
Here is the description given me:
The OCIP policy is one policy that insures the developer, GC and all subs under one policy. This prevents any cross litigation between multiple subs if there is ever a claim which can cause increased expenses and job slow downs. The policy is in effect the entire Statute of repose which is 8 years in the State of CO meaning, everyone enrolled in the OCIP is covered for this entire 8 year period if there is a claim. It should be noted that if there is ever a claim against the policy the owner is responsible for the deductible for any claims and not the companies enrolled.
Any comments would be appreciated. I put a call into my insurance company who basically said it was sort of 'new' to them and they would have to check with upper management who had more experience, and perhaps my lawyer would be the right person to talk to.
I have a project and the owner's attorney is requesting that everyone 'enroll'....
Here is the description given me:
The OCIP policy is one policy that insures the developer, GC and all subs under one policy. This prevents any cross litigation between multiple subs if there is ever a claim which can cause increased expenses and job slow downs. The policy is in effect the entire Statute of repose which is 8 years in the State of CO meaning, everyone enrolled in the OCIP is covered for this entire 8 year period if there is a claim. It should be noted that if there is ever a claim against the policy the owner is responsible for the deductible for any claims and not the companies enrolled.
Any comments would be appreciated. I put a call into my insurance company who basically said it was sort of 'new' to them and they would have to check with upper management who had more experience, and perhaps my lawyer would be the right person to talk to.
