We previously discussed the difference between an OCP and OCIP, which brings us to the question:

What does an Owners Interest Policy cover?

 Owners Interest insurance protects the project owner against third-party claims arising from the operations of hired contractors.  It is not general liability coverage for the General Contractor, it is dedicated coverage for the Owner's liability exposure.  The project owner - the entity that directly hires the contractors - is the primary insured under the policy, not the contractors or subcontractors.  The policy typically covers liabilities that could arise during the construction process, such as property damage or bodily injury, protecting the Owner from potential financial loss.

Covered scenarios include:

• A subcontractor drops equipment from scaffolding injuring a pedestrian, for which the Owner as been named in the suit
•  Property damage to a neighboring building during excavation - plaintiff targets the project owner and the contractor does not have sufficient coverage/limits.
•  A contractor's faulty work results in Bodily Injury post-project-completion and long tail liability attaches to the Owner.

A key difference between Owners Interest and Owners & Contractors Protective Liability is that the Owners Interest Policy includes Completed Operations Coverage and the OCP does not.

123OCP offers both OCP and Owners Interest coverage.