OWNER CONTROLLED INSURANCE PROJECTS

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Owner Controlled Insurance Programmes

Owner Controlled Insurance Programmes for Property Owners and Developers

An Owner Controlled Insurance Programme is an all in wrap up Insurance policy that are becoming increasing popular for very large construction projects in Ireland in recent years, especially where there are multiple tenants involved like with shopping centres.

Owner Controlled Insurance Programmes provide the owner with cost savings as they are benefiting from economies of scale, they also provide a degree of consistency unlike the traditional fragmented Insurance Programmes where each contractors have their own Insurance , wordings, and levels of cover.



Owner Controlled Insurance Programmes generally run for the duration of the project and are specific to a project(s). They can include Public Liability and Products Liability Insurance and Contractors All Risks, Employers Liability, Latent Defects (Decennial Cover) and Non-Negligence Insurance cover for damage to surrounding property.  Also at an option, Professional Indemnity cover for the architects and engineers can be arranged separately. Cover can also include advanced loss of rent and cover for delays.

Advantages:

  • Owner Controlled Insurance Programmes allows the developer to establish the insurance costs of the project at the outset.

  • The Owner Controlled Insurance Programme is effective for the period of the works, usually two to five years as opposed to the annual policies of numerous contractors and sub-contractors who may have to renew their insurances a number of times over the course of the project period. They can be extended by agreement for a time after the project is completed to allow for fit outs for ‘late' secured tenants.

  • It allows a consistent level of cover , excesses and peace of mind that the public liability will cover not only the main contractor, and the developer, but all the subcontractors on site.

  • Under an Owner Controlled Insurance Programmes if one party breaches a condition this does not invalidate coverage for another insured party.

  • The package can include non negligence insurance for damage to surrounding property.

  • Cover can include damage to the works due to defective design, specifications, materials and workmanship . Rather than just the consequent damage covered by most contractors policies.

Frost Insurances Ltd have many years of experience in such projects and only work with ‘A' rated or greater Standard & Poor's Insurance Companies.

Please call for further information. Phone

01 832 8921

or email info@frostinsurances.com