The construction industry is experiencing a remarkable boom. With a workforce exceeding 8 million and an annual construction value of $2.1 trillion, the demand for construction services is at an all-time high. Project owners are constantly striving to meet these expectations while also grappling with some of the most complex claims in the industry today.

Safeguarding Project Owners with OPPI Insurance

Understanding OPPI Coverage

Owners Professional and Protective Insurance, or OPPI, serves as an extra layer of professional liability for project owners. It ensures that their assets are protected and their buildings remain secure. This coverage goes beyond the professional insurance carried by design and construction professionals, offering comprehensive protection.In the construction realm, where multiple parties such as subcontractors, architects, and engineers are involved, OPPI plays a crucial role. It acts as a cost-effective risk transfer solution, helping construction project owners and their insurance brokers manage potential liabilities.As Spencer Levin, the head of construction professional insurance for The Hartford, points out, "OPPI provides coverage for construction project owners beyond the professional insurance that their design and construction professionals carry." This additional layer of protection is essential in an industry where risks can be unpredictable.

The Importance of Reviewing Insurance Policies

To effectively protect against risks, construction project owners must review their insurance policies. Working together with risk professionals allows them to identify potential areas of liability and take proactive measures to mitigate them.Many owners are now requesting their insurance risk managers to explore different products as risk transfer mechanisms. This proactive approach helps them better protect against unseen liabilities or risks on a project.With the complexity of construction projects and the multiple parties involved, having the right insurance coverage is crucial. OPPI provides that extra layer of security, giving project owners peace of mind.

The Hartford: A Leader in Insurance

The Hartford is a renowned leader in property and casualty insurance, group benefits, and mutual funds. With over 200 years of expertise, the company is widely recognized for its exceptional service, sustainable practices, and unwavering trust and integrity.By choosing The Hartford for their insurance needs, construction project owners can benefit from a company with a proven track record and a commitment to excellence. Their extensive knowledge and experience in the insurance industry enable them to provide tailored solutions to meet the unique needs of each project.To learn more about The Hartford and how their OPPI coverage can benefit construction project owners, please visit their website. The Hartford is dedicated to helping project owners navigate the complex world of insurance and protect their assets.