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 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.
This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. The Baldwin Insurance Group Holdings, LLC (“The Baldwin Group”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. The Baldwin Group does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, The Baldwin Group does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.
