Why Should You Consider TSIB for Your Next Wrap-Up / Controlled Insurance Program?
Does your broker have the experience to help with your project risk plan? TSIB’s Insurance and Risk professionals have an average of over 20 years of experience in the construction industry as builders, risk managers and buyers of insurance programs. As such, we bring great value to our clients and insurance partners in the initial risk assessment and mitigation planning. No brokerage firm is more equipped than TSIB to ask the right questions, identify risk and exposures and design the right programs to give you peace of mind. This expertise has consistently led to industry-leading low loss and lost time ratios. These are important factors when thousands of contractors are on a job site.
TSIB was founded to resolve the service gaps and coverage issues that plagued the CIP industry. We have a unique buyer’s perspective on construction risk assessment and risk mitigation because our managers come from the construction and construction insurance industries. There are two forms of a Consolidated Insurance Program—OCIP and CCIP.
Owner Controlled Insurance Programs (OCIP)
If the Owner of the project decided to sponsor the CIP then it would be an OCIP or Owner Controlled Insurance Program. There are many factors an owner should consider before the decision is made to sponsor the project CIP. At TSIB we have an open discussion with our clients to help them determine if sponsoring the insurance program if the right decision for their firm. TSIB has participated in many Owner Controlled Insurance Programs (OCIPs) across the country and is well versed in the intricacies involved in making them successful for all stakeholders.
Contractor Controlled Insurance Programs (CCIP)
Contractor Controlled Insurance Program (CCIP) is an insurance policy that the general contractor sponsors during construction of the project. TSIB manages the largest rolling CCIP program in the construction industry through their sister company, Turner Construction. Since its inception in 2001, the TSIB CCIP has enrolled over 1,300 individual projects with a combined construction cost in excess of $40 billion. We use this unparalleled experience and insight to help our clients structure a CCIP that meets their specific needs and goals for their project.
The TSIB Difference
TSIB’s team of insurance professionals are experts in the field of CIP’s. They have marketed and placed billions of dollars of construction CIP’s which give them buying power in the marketplace. Our practical experience working in the construction industry across a full spectrum of construction project types gives us in-depth understanding and proven abilities in three key areas—Risk Management Experience, Construction Knowledge, and Underwriting Expertise.
Risk Management Expertise:
We have extensive know-how on the buyer’s side of construction insurance for both private clients and affiliated entities. This involves everything from program development and administration, to purchasing insurance for both Guaranteed Cost and Loss Sensitive programs, to implementation of administration, claims management, and safety oversight.
Building proper Risk Management and Safety Controls in a CIP requires an in-depth understanding of the construction process. Our team of construction professionals has built major projects across the country. Without that knowledge, it is too easy to overlook key steps in setting up your program and incur costly losses during the project.
Our role, as a broker, is to present your risk in the most appropriate and advantageous manner to the insurer(s). Our team is composed of individuals from a construction underwriting background, who know the questions and issues that will be raised.
Wrap Management and Administration
TSIB has a state of the art service center that handles on average $5 billion in annual construction volume through hundreds of OCIP and CCIP projects. There are many different approaches on how to handle the administration on an Owner’s or Contractor’s Wrap but we have not seen one as efficient, cost effective or client focused as our service center. Our Wrap Team is highly trained to assist subcontractors with their questions, manage all project documents and produce various management reports via our customized WrapWorksSM system. TSIB will unbundle our administration services for clients that have secured the placement of the project insurance but don’t have the capability to manage the administrative responsibilities of a CIP. We have partnered with many brokers in this capacity.
A Trusted Partner
For anyone considering a CIP for their construction project, the most important step they can take in mitigating risk is their decision on whom to partner with. TSIB thinks about things other brokers may not consider. Experience matters.
Contact TSIB Today
For Customer Service on an existing Wrap-Up, contact a TSIB Wrap Administrator.
Considering doing a Wrap-Up?
Vice President and Managing Director
(203) 666-4314 • firstname.lastname@example.org