Thousands of Brits dabble in the property market – a number that has significantly increased since the beginning of the pandemic.
If you are a property owner or developer starting a new building project, one of the first things you need to consider is what real estate insurance you wish to take out to protect you against any obstacles along the way.
One of the most effective options is a policy that covers you against virtually anything that could go wrong, such as an OCIP.
In this article, we take a closer look at OCIPs and explore the benefits they could bring to your building projects.
What is an OCIP?
OCIP stands for owner-controlled insurance programme. Simply put, this is a single insurance plan designed to cover nearly all liability that can come from any given construction project.
OCIPs combine multiple benefits from various policies into one easy plan. These can include:
– General liability
– Compensation for workers
– Increased costs
– Excess liability
– Builder’s risk
What are the benefits of an OCIP?
One of the primary benefits is that an OCIP can save you a large sum of money. Usually, taking out separate insurance policies with different companies would cost a significant amount, but as an OCIP is a package with one insurer, you only pay one fee.
On a similar note, an OCIP is much less time-consuming as you only have to deal with one company instead of comparing many different policies on comparison sites and then taking out the policies one by one. This frees up more time to begin work on the project itself.
The advantage of customisation
Another advantage of an OCIP is that it can be moulded to suit your needs, giving you access to a customised plan. Simply add on or take off types of cover as you require until you have a package that is completely tailored to your business.
Alongside this, you can rest assured knowing there aren’t any gaps that have been missed. This means that you won’t be landed with any unforeseen costs that you need to pay out for should things not quite go according to plan throughout the construction project.
You can save time, paperwork and money by opting for an OCIP. It’s worth looking for a provider and seeing how much they will charge for a bespoke insurance policy that will give you the utmost peace of mind.