Wrap Up Coverage – “A” Rated Carriers
Wrap Up programs are a comprehensive General Liability 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.
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
What is a Wrap Up Policy?
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.
Appetite
- Residential Tract Developments
- Commercial
- Condo
- Townhome
- Apartment
- Hi-Rise
- Residential Tract Developments
- Commercial
- Condo
- Townhome
- Apartment
- Hi-Rise
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