what is insurance cost worksheet The wrap up insurance manual 3 provides a worksheet that breaks down the exposures and rates associated with work on the project site to quantify the insurance costs for coverages provided under the wrap up
The ccip insurance cost worksheet is a spreadsheet that can be used to calculate the cost of different types of insurance It also has a list of providers for each type of insurance General contractors acquire a Contractor Controlled Insurance Program CCIP to coordinate general liability for construction projects Because the costs of the wrap up are funded by reductions in each contractors contract value you may be required to provide an Insurance Cost Worksheet as part of your bid
what is insurance cost worksheet
what is insurance cost worksheet
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43 Ocip Insurance Cost Worksheet Worksheet Master
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Insurance expense also known as insurance premium is the cost one pays to insurance companies to cover their risk from any unexpected catastrophe It is calculated as a set percentage of the sum insured and is paid at a regular pre specified period Using the payroll estimate and the contractor s policy rating pages you can calculate the insurance cost for a 1 000 contact This will give you an insurance cost to use going forward Example Initial Contract Value 1 000 Insurance Cost 30 3
What is a Controlled Insurance Program CIP A Controlled Insurance Program CIP also called wrap up or wrap insurance is an insurance package designed to cover all liability and losses during an entire construction project or across multiple projects As the owner you are in control of the insurance costs rather than the contractor arranging the cover and charging you for it The owner will always pay the insurance costs whether directly on an OCIP basis or indirectly through the contract price If you pay indirectly through the contract price there is rarely
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This article will discuss specific insurance costs that may be allocated outline five objectives of an effective insurance cost allocation and provide multiple methods of allocating insurance costs The Contractor Insurance Cost Worksheet No matter what methodology is selected it is critical to properly verify the bid deducts or alternate adds provided by the contractor To accomplish this task we utilize a detailed worksheet titled the Contractor Insurance Cost Worksheet
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what is insurance cost worksheet - What is a Controlled Insurance Program CIP A Controlled Insurance Program CIP also called wrap up or wrap insurance is an insurance package designed to cover all liability and losses during an entire construction project or across multiple projects