SINGLE PROJECT

Single Project Insurance is an increasingly popular risk management strategy for large construction projects, offering a streamlined approach to coverage while reducing overall construction costs. By consolidating insurance policies into one comprehensive plan, project owners, developers, and contractors can ensure greater control over insured risks, while also vetting the quality and financial strength of the chosen insurer.

These plans can be structured as either Owner-Developer Controlled Insurance Programmes (OCIP) or Contractor Controlled Insurance Programmes (CCIP), depending on who sponsors and manages the coverage. They typically include a range of protections, such as works insurance, public liability, excess liability, non-negligence insurance (JCT 6.5.1), advanced loss of rent or additional cost of interest business interruption cover, professional indemnity, environmental impairment, and building defects insurance. By implementing a single project insurance program, stakeholders can enhance risk management, streamline claims handling, and improve overall project security.