Let’s say a construction project has hard costs estimated at $100,000.
Insurance is estimated to cost $10,000, or 10% of the total cost, according to conventional methods.
Instead of hiring contractors who would have to buy their own insurance and include.
It in their bid for the project, which could cost more than $6,000.
The project management company can reduce overall costs by providing its own insurance plan, which is estimated to cost $6,000.
Numerous advantages include dealing with a single issuer for claims, tiering of coverage limits for all contractors, and a statute of repose in an OCIP that is legitimate and well-organized.
