January 2014 UCIP News and Updates
Snapshot: UCIP Tower to Date
The University Controlled Insurance Program, known as UCIP, has now been implemented at all 10 campuses. Many types of projects have been enrolled from ground up new hospital construction to renovation of existing buildings. Any project greater than $25M in construction value is enrolled into UCIP. Project values enrolled into UCIP to date are over $2.7B. When these projects complete construction, UCIP is expected to generate significant savings for the University, when compared to the cost of each contractor procuring insurance. The savings doesn’t stop there, the University also has Products-Completed Operations coverage after each project completes. This insurance coverage is available to pay construction defect claims which can be extremely expensive to litigate and to correct the defect. With the upfront savings on insurance costs, and then the insurance protection for construction defect after the project ends, the University has the potential to save for many years to come.