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First time enrolling in a Wrap-Up insurance program? Here are 4 items you should have available to expedite the enrollment process with any Wrap Administrator.
Topics: Wrap-Ups, Wrap-Up Administration
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You’ve been awarded a contract on a project that is being covered by Controlled Insurance Program (CIP), or more commonly known as a Wrap-Up. The Owner or General Contractor are requiring you to enroll into the Wrap program. You have your own corporate insurance. Do you need to enroll in the program?
The short answer is yes. While there is a limited list of trades that are usually excluded from a Wrap program, most trades are required to participate, making enrollment a requirement. You can always refer to the project’s Wrap manual for the excluded trades on that project. These excluded trades are typically:
Topics: Wrap-Ups, Wrap-Up Administration
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Once you’ve properly defined the risk being considered for a Wrap-Up, you’ll work with your broker to develop a marketing submission that will be distributed to the carrier’s underwriting team. The marketing submission tells the “story” of the project and ultimately determines if the carriers will accept the project and provide a quote.
Topics: CCIP, OCIP, Wrap-Ups, Placing a Wrap-Up Series
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Real Estate development is a business process that focuses on the overall development and renovation of a property, whether that is an existing property or a brand-new one. When it comes to real estate development, it is important that the proper Wrap-Up insurance is placed prior to the start of the project. Finding the right insurance program is important to the overall success of the project’s efficiency.
Topics: CCIP, OCIP, Wrap-Ups, Developers
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As a contractor, you should be aware if your corporate insurance policy has a Wrap-Up Exclusion. This exclusion can potentially create issues for you if your company does any work on Wrap-Up projects.
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Having an effective closeout strategy is critical to successfully completing your Wrap-Up program. The overall process of a program closeout starts as soon as early trades complete their work on the project.
Topics: Wrap-Ups, Wrap-Up Administration