There are numerous advantages to OCIPs, particularly on large-scale projects. But if you’re utilizing this approach, it’s vital that your organization partner with a top-tier safety team, as this strategy carries both greater advantages and greater risks than conventional insurance.
A few of the benefits cited by OCIP advocates include:
- Coverage tailored to meet your needs
- Reduced operating costs
- Improved cash flow
- Increased coverage and capacity
- Investment income to fund losses
- Direct access to wholesale reinsurance markets
- Funding and underwriting flexibility
- Greater control over claims
However there are also greater risks associated with these programs. Most fundamentally, there is an exponentially greater exposure for any losses which occur. And while a well-run OCIP can shave 1% or more off your project’s cost, these savings can be rapidly overtaken by costs in the event that losses are greater than projected.
In other words, when you take on an OCIP in order to reduce your costs, it’s vital that you also take the right steps to prevent losses. Thankfully this is easily done by partnering with BCI.
Our experienced team of military veterans will work diligently to protect your project from losses through our proven three-phase approach.
Barragan Corp International is emerging as one of the premier safety and risk management firms in the US. The success we have enjoyed over the past decade is due to our unique approach to safety and risk management. We believe in a team approach that builds trust and unity among the insurers, the owner, contractors and job site workers. We believe that through proper site management and communication, risk and loss can be mitigated. Project safety cannot become routine, but must have active participation at every level in order to facilitate a safer work environment. Our unique approach to safety and risk management that focuses on training, communication, site management and continual follow up, empowering each enrolled participant to actively promote workplace safety.
Barragan Corp International has implemented its Safety Management Program on more than 32 Owner Controlled Insurance Program construction sites in the past 12 years with great success. We immediately incorporate an effective risk analysis program, and act as a liaison between the owner, the insurer, contractors and the work force, offering recommendations for improvement as well as communicating any risks. Barragan Corp International provides safety and loss control services through an implementation plan that emphasizes training and continual communication. Safety and loss control management activities include ensuring all contractors are enrolled in the OCIP as well as compliant with federal and state regulations. We review and approve Site Specific Safety Plans; review and monitor the effectiveness of Job Hazard Analysis and Activity Hazard Analysis; perform administrative compliance audits; and track project trends. We continually monitor the site for hazards, site safety issues, and risk management issues. We also institute an aggressive claims management plan that includes oversight of investigations, root cause analysis, and a return-to-work program.
Our clients consistently highlight our commitment to the mission – we’re there until the job is done, safely and successfully.
If your program is currently in trouble due to a high experience modification rate (EMR) or above-expected losses, it’s even more urgent that you connect with our team. By conducting a safety assessment, we can rapidly and cost-effectively diagnose the root causes of losses, and provide detailed recommendations for remediation.
In addition, our team will work collaboratively with your contractors and employees to create a “culture of safety” that will continue to provide value long after the current project is completed.
OCIPs that utilize BCI consistently deliver fewer losses and thus greater project profitability for their owners. Even on a cash-flow basis, the return on investment of utilizing BCI is significant. And when you add in the value of avoiding the project delays and public-relations upsets associated with injuries or incidents, the case is clear: partnering with BCI is the best move you can make if you’re implementing an OCIP.
If you are an OCIP provider or consultant, consider bringing BCI to the table to improve your clients’ outcomes and help them reap the full benefits of this unique strategy.
I’m a risk management consultant, representing owners of large construction projects in airports, universities, departments of transportation, and hospital organizations who implement owner-controlled insurance programs (OCIPs). I always recommend they hire their own safety team, in addition to the team provided by the insurance company. This is the key to making these programs financially successful. BCI has been my first choice for safety for over 14 years.The BCI team live and breathe safety, and they do it by building relationships. They make friends with the crew, they collaborate and build respect, they teach best practices, and they abate risk at the spot. If a claim happens, they’ll send out an incident report and stay engaged throughout the claim to ensure any risk is minimized. And the communication is fabulous.
Having BCI in place helps me keep my finger on the pulse of what’s going on out there. That’s what makes BCI different – other safety people don’t do that, they’re just keeping a checklist without any ownership or accountability.
My clients hire me to oversee their project and assure them it’s going to go well. That’s why I use BCI on every project where I can, because when they’re involved, it goes well.
95% of my business is word of mouth, so reputation is very, very, very important to me, and partnering with BCI protects not just my clients, not just their workers, but my reputation in the industry as well.
–Cathy, Risk Management Consultant
I provide owner-controlled insurance programs (OCIPs). So most of my clients are large public agencies.
BCI truly integrate with the safety teams of the contractors that are on site. They’re not the “safety police”, they’re really part of the team.
BCI’s team is extremely experienced. In large construction projects, you often have situations that aren’t “in the book” – BCI’s team are sharp enough to find a great solution that helps get the work done while keeping everybody safe. Having a quality safety person on site helps the job move along and stay on schedule. It also helps keeps the job on budget, because when you have major safety events this not only destroys the morale of the entire project site, it also shuts the project site down while the investigation goes on. If we can keep losses lower than the expected rate, the owner ends up getting a pretty substantial chunk of money back. A successful OCIP outcome can save a client tens of millions of dollars. When owners get big chunks of money back, they tend to use me again!When BCI is involved, there is definitely a positive impact on the project, and the projects they’ve worked on have significantly outperformed projects where they’re not involved.
BCI are great guys to work with. They’re consistent, they’re on point. You can see their background as former Marines in everything they do. They’re highly organized, regimented, and they get things done.
–Jim, OCIP Leader
To learn more about our captive insurance program loss control services, contact us today.
