Wrap Up Coverage – OCIP/CCIP
Wrap-Ups 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. The 3 key elements of a Wrap-Up Policy are Coverage, Control, and Cost Savings.
APPETITE:
- Residential Tract Developments, Commercial, Condo, Townhome, Apartment, Hi-Rise
PROGRAM HIGHLIGHTS
- Many carriers Rated from AVII to AXV by AM Best
- Limits – $1/2/2 and higher available
- Builder Must Have 3+ Years Loss Runs
- Minimum Premiums Starting At $25,000 plus
- Minimum Deductibles Starting At $10,000 (BI/PD)
- Defense – Inside
- Blanket A/I, Primary, Waiver
- Subsidence (per Underwriting Approval)
- Requires PWC* Warranty and Wrap Administration (PWC Warranty Is With A Zurich Company)
AVAILABLE STATES:
AK, AL, AZ, CA, CO, CT, FL, GA, IL, KY, LA, MN, MO, MS,
NC, NJ, NM, NV, NY, PA, SC, TN, TX, UT, VA, WI, WV
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.
*No two 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.
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© 2018 Empire Underwriters. The data appearing on this website is provided for informational use only and is in no way intended to assert or imply types of relationships with any carriers, or the like.
