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Alternate OCIP Insurance Combinations - Multiple Projects
Every Developer looks for the best combination of coverage, limits and premium. Developers with more than one project may desire coverage combination options. These slides show four different OCIP Liability Insurance approaches: I - Traditional - Separate Project Limit Towers II – Separate Primary Project Limits: Combined Excess Liability Limit III – Combined Primary Project Limit: Separate Excess Liability Limits IV – Combined Limit Towers - Primary & Excess Specific options will vary on type of project, location, premium size and other factors. There are dangers combining projects for insurance purposes including: 1 - Limit Sufficiency 2 - Cross Project Liability 3 - Stakeholder Communication & Buy-In 4 - Premium Savings There are strategies for addressing each of these. Two slides that illustrate specific alternate techniques to address cross project liability. (cross project liability - one project exhausting the limits - leaving nothing for the other project(s)). Cary W. White P: 415.613.5589 E: cary.white@ideateins.com Ideate Insurance Solutions Inc CA License #0I92434 www.ocipins.com www.ideateinsurance.com DISCLAIMER: Ideate Insurance Solutions Inc is an insurance brokerage firm, not a law firm. We prepared this information for you in our capacity as insurance brokers. It is not legal advice. Receipt or use of this information does not create an attorney-client relationship between you and us. Please review this information and your intended use of it with a competent legal professional before you use it.
Alternate OCIP Insurance Combinations - Multiple Projects
- 1. EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Products Liability Post Construction– Construction Defects Premises Liability During Construction Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Policy Combinations Slide 1 of 7 Traditional – Project Primary/Excess OCIP Layout
- 2. Option I -Separate Limit Towers for Each Project EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Project 1 $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Project 2 Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Policy Combinations Slide 2 of 7
- 3. Option 2 –Combined Excess for Two Projects Combined XS Projects 1 & 2 EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Project 1 $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Project 2 Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Policy Combinations Slide 3 of 7
- 4. Option 3a –Combined Primary for Two Projects Combined Primary Projects 1 & 2 Project 1 XS Liability Project 2 XS Liability EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Policy Combinations Slide 4 of 7
- 5. Combined Primary Projects1 & 2 $1,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $1,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Option 3b – Combined Primary for Two Projects $1,000,000 Occurrence Limit Not Equal to Aggregate Limit Project 1 XS Liability Project 2 XS Liability EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Policy Combinations Slide 5 of 7
- 6. Option 4a –One Limit Tower for Two Projects EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 OCCURRENCE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Combined Limits Projects 1 & 2 Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Policy Combinations Slide 6 of 7
- 7. $1,000,000 Occurrence Limit Not Equalto Aggregate Limit $1,000,000 OCCURRENCE LIMIT $1,000,000 OCCURRENCE LIMIT Option 4b – One Limit Tower for Two Projects EXCESS OCCURRENCE LIMIT EXCESS PRODUCTS AGGREGATE LIMIT EXCESS OCCURRENCE LIMIT EXCESS GENERAL AGGREGATE LIMIT $2,000,000 GENERAL AGGREGATE LIMIT $2,000,000 PRODUCTS AGGREGATE LIMIT Combined Limits Projects 1 & 2 Ideate Insurance Solutions Inc | CA License #0I92434 PO Box 410158 | San Francisco, CA 94141 | (888) 842-2477 Alternate OCIP Policy Combinations Slide 7 of 7