Topic Thread

WRAP / OCIP Insurance Accounting in Viewpoint

  • 1.  WRAP / OCIP Insurance Accounting in Viewpoint

    Posted 8 days ago
    I am interested in how other contractors account for WRAP or OCIP insurance in their project and accounting systems. Specifically:

    Is the cost of the WRAP or OCIP reflected as actual job costs for your projects and in your financial statements?
    Are the impacts accounted for over the course of the project or at completion?
    We have found the actual cost of the WRAP or OCIP costs more than than our normal insurance plans, do you include the external costs as part of your burden or indirect rates?
    How do you account for contract billings that exceed what will be collected in cash and applied to the contract?
    Do you include the net amounts including WRAP or OCIP in your percent complete calculations for your projects?

    Any thoughts, or best practices would be appreciated!

    Brian Hall Hall
    Chief Financial Officer
    Nelson Pipeline Constructors
    Centennial CO