Wrap-up insurance is the ideal liability policy that guarantees your coverage incorporates everything you need on those multi-million-dollar jobs. If you are primed to take on significant projects, it's time to start considering wrap-up insurance.

1. What's Wrap-Up
Insurance and
Do I need It?

2. Wrap-up insurance is the ideal liability policy that
guarantees your coverage incorporates everything you
need on those multi-million-dollar jobs.
If you are primed to take on significant projects, it's time
to start considering wrap-up insurance.

3. The Basic Types of Wrap-up
Insurance

4. 1. Owner Controlled Insurance
Program (OCIP)
This is controlled and sponsored by the owner. The subcontractors,
general contractors, and other participants are insured under the
policy.

5. 2. Contractor Controlled
Insurance Program (CCIP)
In this case, the general contractor controls and sponsors the policy,
subcontractors, and other insured participants under the policy. The
policy can then be able to incorporate the project owner either as an
additional insured or named insured on the policy.

6. Why Wrap-Up Insurance isn't
More Expensive
Some owners or contractors fear, including wrap-up insurance, makes
everything more costly. However, your collective insurance covers all
types of necessary items, such as:

7. General liability
Professional liability
Excess liability
Pollution liability
Railroad
protective liability
Builder's risk

8. In this case, the general contractor controls and sponsors the policy,
subcontractors, and other insured participants under the policy. The
policy can then be able to incorporate the project owner either as an
additional insured or named insured on the policy.

9. What Wrap-Up Insurance Can
Cover
As with any insurance, wrap-up insurance changes from policy to
policy. However, they commonly include:

10. Builders Risk covers weather, water, and fire damages during
construction.
Workers' Compensation for harmed workers enrolled with
subcontractors or contractors on the project.
General Liability with a Broad Form Endorsement covers injuries
resulting from work-related activities by the contractor, bodily
injury against third-party injuries on the site, subcontractor, or
owner and third-party property damage caused by those named
on the policy.

11. Umbrella Liability gives complete coverage beyond your general
liability policy with larger limits that can be as much as several
millions of dollars.
Commercial Vehicle insurance for cars, trucks, vans, or speciality
vehicles to cover liability claims and property damage.
Property Damage for equipment, all parties, floaters for
specialized equipment and tools transported to and from the job
site.

12. What Wrap-Up Insurance Can
Cover
As with any insurance, wrap-up insurance changes from policy to
policy. However, they commonly include:

13. Consolidated coverage
As the controlling entity, you have more authority over the scope of
coverage.

14. Potential cost savings
As mentioned, you can see cost savings in the event that you opt to
split costs with the other parties. However, you may also see
discounts for insurance across the project offered by some insurance
companies.

15. Higher limits
In most cases, you'll have higher limits, which means better coverage
and less possibility of being left footing the bill for the difference.

16. Centralized safety and risk
management
Risk management and safety services tend to become more
centralized due to shared coverage. This outcome in fewer injuries
and reduced severity of injuries, which costs the project less money in
the long haul.

17. Efficient processing
Filing a claim becomes easier as all parties involved are on the same
program and policy. This reduces red tape and touchpoints, allowing
for smoother processing and quicker access to funds.

18. Reduced disputes
As with the above, because you are all on one policy, disputes will
be reduced. There will also be less possibility of subrogation issues
between insurance carriers and insureds for what is covered on the
site.
It's normal for companies with a wrap-up program to discover they
have enhanced brand value and better business networks. This allows
you to be considered for more large-scale projects with higher profile
partners.

19. The Benefits of Wrap-up
Insurance
There are many advantages to wrap-up insurance, including:

20. The Benefits of Wrap-up
Insurance
There are many advantages to wrap-up insurance, including: