Could your hospital benefit from an owner-controlled insurance program?
In summary, underwriters are reaching out to consider some construction projects that are traditionally too small to qualify for an OCIP (under $80,000,000). A hospital system with an ongoing capital expenditures budget in excess of $100,000,000 over any three-year period can group its construction projects together to meet the minimum qualifying amounts generally required by underwriters for the OCIP. The approach of wrapping up the coverage for all the contractors on-site into one policy makes good economic sense and is administratively manageable with the computer support systems available from some brokers today. The concentrated effort of loss prevention, coupled with the control factor of knowing how much insurance is available and the security of the insurer providing it, makes for a winning combination in addressing the unknown risk brought on by large construction projects at the hospital.
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Bollman
D003284:Contract Services / Q000331:legislation & jurisprudence; D006749:Hospital Design and Construction / Q000331:legislation & jurisprudence*; D007351:Insurance, Liability; D010067:Ownership; D012308:Risk Management / Q000331:legislation & jurisprudence; D014481:United States