Wrap up insurance programs are an increasingly popular risk management technique used by owners and general contractors or large construction projects to exert greater control over total construction costs while enhancing overall project safety.

A wrap up consolidate's insurance coverage for multiple general and subcontractors working on a project into one program negotiated, purchased and managed by a single sponsor. That sponsor can be either the owner (OCIP-owner controlled insurance program) or the general contractor (CCIP-contractor controlled insurance program).

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These programs provide a broad range of insurance coverage, including:

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• Workers compensation

• General liability

• Excess liability

• Builders risk

• Pollution liability

• Professional liability

 

Insurance wrap-ups are most cost effective for large projects, ultimately reducing cost of insurance to the owner or contractor substantially. Skillful program design utilizing a form of risk sharing such as large deductibles or retrospective rating can potentially yield even greater savings.

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A few additional benefits include:

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• Broader coverage for the owner or contractor

• Uniformity of coverage

• Adequate limits for large projects

• Selection of financially strong insurance carriers

• Reduction in the number of potential coverage disputes and litigation

• Enhanced risk management, safety and loss control

 

FIRSTGATE offers services specifically tailored for wrap-ups, including feasibility studies, program design, insurance marketing and placement, program administration, training and orientation and risk engineering and claims services.