OCIP INSURANCE AND INDEMNITY PROVISION Sample Clauses

OCIP INSURANCE AND INDEMNITY PROVISION. The Owner of this project has elected to purchase an Owner Controlled Insurance policy (OCIP) naming it, as well as other designated Contractors, and for certain risks associated with the project as set forth by the Owner. The Enrollment process is defined by the policy and detailed through documents which will be made available by the OCIP Administrator. Contractors are considered to be enrolled in the OCIP upon the issuance of a Certificate of Enrollment. OCIP enrollment must take place prior to commencement of work performed on the project. All Contractors and Subcontractors shall be enrolled in the OCIP through the OCIP Administrator. Risks covered and not covered by the OCIP are listed in the Program insurance policy. It is the Contractor’s responsibility to review the policy and obtain any desired legal review and analysis it deems appropriate and in its judgment necessary regarding the Program. There are no representations regarding the nature, quality or limits of the Program policies and Contractor expressly acknowledges the lack of reliance upon any representations made by Owner, other Contractors, Subcontractors, the OCIP Administrator or their representatives regarding the nature, quality or limits of the insurance provided by the Program. Contractor shall hold Owner, the OCIP Administrator and their representatives, including, but not limited to, insurance brokers and/or agents, free and harmless from any and all claims asserting or alleging that the type and/or amount of coverage provided under the Program is inadequate, deficient, insufficient, or in any way not providing the nature and amount of coverage that might at a later date be deemed or claimed to be appropriate. The Program is intended to be the primary source of coverage for the risks covered and shall be primary to Contractor’s insurance, if any, in the Program covered areas of risk. Following is an outline of the OCIP terms and coverage. The effective date of the OCIP program is 4/22/2019 and expires 4/22/2024 or as otherwise extended. The coverage also provides an extended reporting period equal to 10 years from completion of the work.
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OCIP INSURANCE AND INDEMNITY PROVISION a. The Owner of this project has elected to purchase an Owner Controlled Insurance policy (OCIP) naming it, as well as other designated Contractors, and for certain risks associated with the project as set forth by the Owner. The Enrollment process is defined by the policy and detailed through documents which will be made available by the OCIP Administrator. Contractors are considered to be enrolled in the OCIP upon the issuance of a Certificate of Enrollment. OCIP enrollment must take place prior to commencement of work performed on the project. All Contractors and Subcontractors shall be enrolled in the OCIP through the OCIP Administrator. SAMPLE
Sample 1

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