Owner Controlled Insurance Policy
What Does Owner Controlled Insurance Policy Mean?
An owner-controlled insurance policy is a type of insurance in which a single party obtains coverage for all or the majority of individuals working on a construction site for a specific project. This includes regular construction staff, contractors, subcontractors, and any other personnel present on-site at any given time.
Such policies are commonly known as “wrap-ups.”
Insuranceopedia Explains Owner Controlled Insurance Policy
Purchasing an owner-controlled insurance policy helps reduce the owner’s exposure to risk. Even smaller construction sites often involve numerous personnel performing various tasks, frequently using heavy equipment or working at heights. These conditions create significant hazards, making such sites particularly prone to losses.
Owner-controlled insurance policies simplify the insurance process by consolidating multiple types of coverage into a single policy, such as commercial general liability and workers’ compensation coverage.
