The Importance of Onsite Start Dates for a Wrap-Up

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If you find yourself working on a Wrap-Up, there are often documents that need to be completed prior to starting on the project site. Typically, the first document completed is the Enrollment form, as this form helps the Wrap-Up Administrator create a Wrap-Up contract in their system. On this document, Trade Contractors often skip filling out their onsite start date. This can delay your approval, which can delay when you’re actually allowed on the project site but it can also affect your Wrap-Up insurance coverage.

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Topics: Wrap-Up Insurance

Insurance Risks and Mitigation in New York

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There are many insurance risks that can affect a construction project. If you’re building in New York, it’s important to know what your risks are and how to protect yourself from major losses. Keep reading to learn a couple of common risks in New York and how to mitigate them.

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Topics: Wrap-Up Insurance

How Can a Wrap-Up Portal Help Your Project?

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You’ve decided to cover your project with a Wrap-Up Program! Congratulations! You have also partnered with a company to administer your Wrap-up. When reviewing their services, your Wrap Administrator shifts the discussion to their Wrap-Up Portal. You may be asking yourself, what in the world is a Wrap-Up Portal?

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Topics: Wrap-Up Insurance

The Advantages of Having Wrap-Up Insurance in New York

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New York’s construction industry presents many challenges from an insurance and risk management standpoint. One way the insurance industry has evolved to remain competitive with rising insurance premiums and high exposure indemnity claims is through the implementation of Wrap-Up Insurance Programs or CIP (Controlled Insurance Programs).

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Topics: Wrap-Up Insurance

Solutions to the Wrap-Up Exclusion Endorsement

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Does the Wrap-Up exclusion found in many Trade Contractors’ General Liability program fill you with dread? This exclusion has historically been a troublesome risk transfer issue.

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Topics: Contracts, Wrap-Up Insurance

Loss Sensitive Insurance Plans for a CIP

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There is a lot of planning that goes into a Construction project, and everything costs money! From the materials, property, salaries, Trade Contractors, to the claims and the insurance—it can all be a bit overwhelming. This is why it is important to have a good risk financial plan set up for your next construction project.

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Topics: Wrap-Up Insurance, Loss Sensitive Plans

Commercial Package Policy: Structuring a Contractor Insurance Program

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Contractors’ insurance programs are often written under a commercial package policy (CPP). A CPP is a package policy, which is a single policy that includes multiple coverages written as separate policies. It utilizes separate, stand-alone forms for each policy, each with its own declaration page alongside a master CPP declaration page that details all of the coverage parts.

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Topics: Wrap-Up Insurance

OCIPs: The 5 Cultural Benefits for Your Company

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You’ve decided to implement an OCIP (Owner Controlled Insurance Program) for your next construction project. In doing so, your company will reap the benefits of an OCIP, such as cost control, enhanced & uniform coverage, and claim control. However, did you know that your company will also gain cultural benefits too? Let’s examine the top 5 cultural benefits of an OCIP. 

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Topics: Wrap-Up Insurance, OCIP

Project Coverage Methods: Traditional Insurance vs. CIP

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Providing insurance for a Construction project can seem overwhelming at times! Basically, there are two options that you have: the Traditional Insurance Approach and a Consolidated Insurance Program (CIP) also known as a Wrap-Up. So how can you be sure that you are properly protected?

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Topics: Wrap-Up Insurance

The 4 Components of a CCIP and OCIP

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Whether this is your first construction project or you’re a seasoned expert, finding the right CIP is key to the success of your project and procuring the best rates. It’s important to remember that the most successful programs are from project participants who work as a team. Continue reading this post to learn about the 4 components of a CCIP and OCIP.

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Topics: Wrap-Up Insurance, CCIP, OCIP