Insurance Glossary

Coverage is triggered if the cause of the claim occurs during the policy period (unlike claims made).

Owner Controlled Insurance Program: The owner buys insurance for all participants in a construction project. The owner then requires the participants to reduce their price by eliminating all of their insurance costs in exchange for owner-provided coverage. The owner expects this to result in a lower cost of insurance and, since all coverage will be with the same insurer, coherent coverage and faster claims handling.

Outside Directors Liability

Operators Extra Expense a composite package policy that included cover control of well and direct physical loss or damage to the properties of the insured as well as general and pollution liabilities

A composite package policy that included cover control of well and direct physical loss or damage to the properties of the insured as well as general and pollution liabilities

Also known as OCIP: The owner buys insurance for all participants in a construction project. The owner then requires the participants to reduce their price by eliminating all of their insurance costs in exchange for owner-provided coverage. The owner expects this to result in a lower cost of insurance and, since all coverage will be with the same insurer, coherent coverage and faster claims handling.