(a) An owner controlled insurance program or a contractor controlled insurance program is subject to both Alaska Stat. Chapter 21.39 and Alaska Stat. Chapter 21.42, must be approved by the director, and shall be allowed only for a major construction project. Owner controlled and contractor controlled insurance programs are limited to property insurance as defined in Alaska Stat. § 21.12.060 and casualty insurance as defined in Alaska Stat. § 21.12.070.
Terms Used In Alaska Statutes 21.36.475
Contract: A legal written agreement that becomes binding when signed.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) In this section, an owner controlled or contractor controlled insured program does not include
(1) builder’s risk or course of construction insurance;(2) insurance relating to the transportation of cargo or other property;(3) insurance covering one or more affiliates, subsidiaries, partners, or joint venture partners of a person; or(4) insurance policies endorsed to name one or more persons as additional insureds.(c) In this section,
(1) “contractor” means a person who meets the definition of “contractor” in Alaska Stat. § 08.18.171 and who undertakes the performance of a construction project for a project owner, its agent, or its representative;(2) “contractor controlled insurance program” means an insurance program where one or more insurance policies are procured on behalf of a contractor, its agent, or its representative, by its insurance producer, as defined in Alaska Stat. § 21.27.990, for the purpose of insuring the contractor and one or more of the following:
(A) the project owner;(B) a subcontractor;(C) an architect;(D) an engineer; or(E) a person performing professional services;(3) “major construction project” means the process of constructing a structure, building, facility, or roadway or major renovation of more than 50 percent of an existing structure, building, facility, or roadway having a contract cost of more than $50,000,000 of a definite term at a geographically defined project site;(4) “owner controlled insurance program” means an insurance program where one or more insurance policies are procured on behalf of a project owner, its agent, or its representative, by its insurance producer, as defined in Alaska Stat. § 21.27.990, for the purpose of insuring the project owner and one or more of the following:
(A) the contractor;(B) a subcontractor;(C) an architect;(D) an engineer; or(E) a person performing professional services;(5) “project owner” means a person who, in the course of the person’s business, engages the service of a contractor for the purpose of working on a construction project;(6) “subcontractor” means a person to whom a contractor sublets all or part of a contractor’s initial undertaking.
