Multi-phase, multi-year OCIP programme for £2.5bn London development project

A £2.5bn London development project (including commercial, residential and infrastructure) required a multi-phase, multi-year owner controlled insurance programme (OCIP), which provided protection to the employer, contractor and all subcontractors performing work on separate sections of the development, as well as meeting lender requirements via delay in start up insurance.

We designed the policies in a manner which helped to reduce the administrative burden on all parties, leveraged buying power and built insurer relationships. By securing two five-year programmes (one for each ‘phase’) covering all of the development packages, which were delivered by different main contractors, the developer only had to declare their estimated spend for the next year of development and actual spend for the closing year, rather than remarketing the programme each year. The multi-year approach also provided certainty around rates, and therefore premium spend and uniformity of coverage throughout each phase.

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