A wrap-up is an all-inclusive insurance policy that provides coverage for all contractors and subcontractors involved in a construction project. By consolidating coverage into one policy, it streamlines risk management and offers protection against various construction-related risks and uncertainties.
Why are wrap-ups popular?
Wrap-ups are increasingly popular because they offer a comprehensive solution for managing construction risks and potential profit. Leveraging a wide array of markets and advanced administration software, these programs help shield corporate insurance from construction-related risks and uncertainties, such as subcontractor coverage and anti-indemnity statutes. Seen as a valuable addition to risk management, wrap-ups are becoming a preferred choice for project owners.
Types of wrap-ups
Owner Controlled Insurance Program (OCIP)
- Owner Controlled Insurance Program (OCIP)
Owner purchases insurance coverage for a single project. - Contractor Controlled Insurance Program (CCIP)
Contractor purchases insurance coverage for a single project. - Rolling Owner Controlled Insurance Program (ROCIP)
Owner purchases insurance coverage for a series of projects. - Rolling Contractor Controlled Insurance Program (RCCIP)
Contractor purchases insurance coverage for a series of projects.
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