What are Controlled Insurance Programs/Wrap-Ups?
A wrap up is a type of insurance that protects your business from loss or damage during the course of building a new project. This type of coverage is typically more comprehensive than property or liability insurance because it covers all parties involved in your construction project contract, such as subcontractors and suppliers.
Benefits of Controlled Insurance Programs
The main benefit of having a project-specific insurance policy is that it protects all parties involved in the construction process and avoids any gaps in insurance.
By combining insurance policies for general liability, workers’ compensation, and excess/umbrella liability into a single program, you receive a streamlined and simplified insurance plan that is cost-effective and provides administrative efficiency for large commercial construction projects.
This means that contractors, material suppliers, subcontractors, architects, engineers, etc., become insured on the same insurance policy. This simplifies administration and results in savings to the owner of the project.
We can consult you on the following cover:
- General Liability
- Excess Liability
- Builders Risk
- Owners/Contractors Protective Professional and Pollution
- Project Pollution Coverage
- Builders Risk – including GL Wraps, OCIP’s & CCIPS, OPPI