OCIP
Business & Finance abbreviation · Insurance
| Stands for | Owner-controlled insurance program |
|---|---|
| Categories | Business & Finance |
OCIP stands for Owner-controlled insurance program, an insurance abbreviation.
Single insurance program bought by a project owner to cover all contractors and subcontractors on a large construction project, typically including general liability and workers' compensation, also called a wrap-up.
Example: The stadium project runs under an OCIP, so subs remove those costs from their bids.
Usage notes
A contractor-controlled version is called a CCIP. Wrap-ups can lower costs and coordinate safety on big projects.
Related abbreviations
More insurance abbreviations
- MGA – Managing general agent
- MVR – Motor vehicle record
- MYGA – Multi-year guaranteed annuity
- NAIC – National Association of Insurance Commissioners
- NCD – No-claims discount
- NFIP – National Flood Insurance Program
- P&C – Property and casualty insurance
- P&I – Protection and indemnity insurance
- PD – Property damage liability
- PI – Professional indemnity insurance
- PIP – Personal injury protection
- PL – Public liability insurance