WHITEHOUSE STATION, N.J., Nov. 1, 2018 /PRNewswire/ -- Chubb issued a new whitepaper that examines the cost, benefits and efficiencies associated with Maintenance Owner Controlled Insurance Programs (OCIP), known as "Wrap-Ups," which consolidate insurance for all maintenance contractors into a single insurance program. This practice is commonly used by construction site owners and contractors to more efficiently insure everyone on the jobsite, while helping to lower costs and improve worksite safety.
Chubb Construction is sharing these learnings with other industries to ensure they are able to secure higher quality and consistent coverage, and achieve better control over plant safety, loss control and risk management.
Typically, an industrial plant hires contractors to handle a wide range of jobs. Each individual maintenance provider is required to bring their own workers' compensation and general liability insurance to the job based on contractual requirements. However, if plant owners are able to combine workers' compensation and general liability for all of the contractors, they can save an average of up to 60 percent compared to purchasing policies contractor–by-contractor, while also improving efficiencies.
"Based on learnings from use within the construction industry, Wrap-Ups provide owners the opportunity to enhance the quality of their coverage for projects and realize greater consistency in policy terms and conditions," said Stephen Buonpane, EVP, Chubb Construction Major Accounts. "Wrap-Ups allow an owner to tailor coverage and limits to the site's unique needs and preferences. This is especially important with general liability coverage, since risks can vary significantly from industry to industry and from plant to plant."
Additional benefits of Wrap-Ups include:
- elimination of gaps or overlaps in contractor coverage,
- easier coordination and plan administration,
- streamlined claims handling, and
- long-term stability through a single carrier.
Savings can vary depending on retentions and policy structure including when other lines of coverage such as environmental are added into the mix.
"Construction and industrial operations are highly technical. Chubb understands these unique risks, and how to make loss control practices more robust," said Mr. Buonpane.
To download the whitepaper, click here. For more information on Chubb's Construction Industry Solutions, click here. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued.
About Chubb Construction
Chubb Construction specializes in multi-year Owner Controlled and Contractor Controlled Insurance Programs (OCIP/CCIP) to address the risks inherent in construction projects. These range from stand-alone projects and rolling programs with multiple projects, to large plant maintenance Wrap-Ups. Coverage and benefits include: workers' compensation, employers liability, general liability, dedicated and experienced construction underwriters, dedicated risk engineering, claims servicing, premium auditing and policy issuance from ESIS® Construction Risk Services, and flexible program design.
Chubb is the world's largest publicly traded property and casualty insurance company, and the largest commercial insurer in the United States. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at www.chubb.com.