'Wrap-Ups' Streamline Contractor Coverage, Chubb Says

Chubb has released a new white paper examining the costs and benefits of programs that consolidate insurance for maintenance contractors into a single insurance program. The programs are called Maintenance Owner Controlled Insurance Programs, or OCIP, and are also known as "wrap-ups." They are commonly used by construction site owners and contractors to insure everyone on a job site. But the programs may benefit other types of employers as well, said Chubb, which points to industrial plants as an example. Typically, an industrial plant hires contractors to handle a wide range...