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Owners contractors protective insurance, or OCPI, is an insurance policy designed to protect property owners who hire contractors to perform work on their property. The policy provides coverage to the property owner in the event the contractor is negligent, causes damage to the property, or fails to complete the job.
In most cases, property owners will require contractors to carry their own liability insurance to provide coverage in the event of any damage or injury that may occur during the project. However, this coverage is limited and may not fully protect the property owner. This is where OCPI comes into play.
OCPI is an additional insurance policy that the property owner takes out to protect themselves beyond the contractor`s liability insurance. The policy typically covers property damage, bodily injury, and other related claims resulting from the contractor`s work.
For example, if a contractor accidentally damages a wall while installing new plumbing, the property owner can file a claim under their OCPI policy to cover the cost of the repairs. Without this coverage, the property owner would have to rely on the contractor`s liability insurance, which may not provide enough coverage to cover the full cost of the repairs.
It is important to note that OCPI does not replace or act as the contractor`s liability insurance policy. Instead, it provides an additional layer of protection to the property owner to ensure that they are fully covered in the event of any damages or injuries that may occur as a result of the contractor`s work.
In conclusion, owners contractors protective insurance is a crucial policy for property owners who hire contractors to work on their property. It provides an extra layer of protection against potential damages or injuries that may occur during the project. If you are a property owner who is planning to hire a contractor for any type of project, be sure to consider taking out an OCPI policy to ensure that you are fully protected.