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).
► Mini-Wrap instructions
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
funds.