What it is and how to make a filing in Oregon.
A wrap-up can be written to provide the Commercial General Liability (CGL)
and/or Workers Compensation and Employer's Liability (WC) coverage for a qualifying
"project" as defined in ORS 737.602 (1) (a). The project value must
exceed $90 million and meet all of the statutory requirements outlined in ORS
737.602 and ORS 737.604.
Wrap-up (CCIP or OCIP) Statutes
Oregon requires a wrap-up filing be made and approved by the Director prior
to the "project" start. The wrap-submission will have two parts: (1)
a paper binder of all required materials; and, (2) an email with each of the
required elements attached as a separate Word document or PDF – no .ZIP files.
Detailed filing instructions
The insurance company can be different for the CGL policy and for the WC policy.
The project sponsor will either be an Owner Controlled Insurance Project (OCIP);
or, a Contractor Controlled Insurance Project (CCIP) – see definitions in ORS
737.602 (2) and (3).
A "mini-wrap" Commercial General Liability policy can be issued for
a project valued at less than $90 million as long as it meets the requirements
outlined in ORS 737.600 (3) (f) or (h).
A Workers Compensation wrap-up policy cannot be written for a project valued
at less than $90 million.
Each insurer for the wrap-up "project" will need to provide a red-lined
Trust Agreement [there are two templates linked to this site – one for a "project"
whose deposit fund amount is up to $150,000; and, one for a "project" whose deposit fund amount is greater than $150,000]. We will ask for three signed originals of the final Trust Agreement
after it has been reviewed.
Trust Agreement template – Deposit more than $150,000
Trust Agreement template – Deposit up to $150,000
The wrap-up deposit required by ORS 737.602 (4) (i) must be placed after Conditional Approval is granted, and prior to the start of the wrap-up
"project" [instructions regarding the deposit will be provided by
our Insurance Institutions Section]. US Bank is the custodian for wrap-up deposit