Wrap Up programs are a comprehensive General Insurance project-specific policy that combines coverage normally provided separately by different parties. In WRAP policies all participating contractors and subcontractors avoid having multiple carriers at odds in a claim settlement situation and allow for tighter, more consistent safety procedures.
Wrap-up policies come basically in two distinct types; Owner-Controlled, OCIP and Contractor-controlled, CCIP. Either wrap-up policy allows the owner to spread the risk out among different parties, while more systemically managing risk and providing a single insurance coordinated safety net for every company and individual involved in the project.
The 3 key elements of a Wrap Up Policy are Coverage, Control and Cost Savings.
*No 2 Wrap Up policies are the same. Contact our office with any questions you may have or about a particular risk you are looking at.
** Premiums have come down significantly since the reduction in construction nationwide. This is a great time to have your Owners and Contractors use Wrap Ups to manage risks and save money!