Does your client have an upcoming construction project and wants to pursue a Wrap-Up?
As a broker, you probably already know that a Wrap-Up is a good risk management tool. In fact, your brokerage might be comfortable in securing the policies needed for the Wrap program. However, placement is just one part. Wrap Administration is the other piece and is crucial to the overall success of a construction project.
For a Wrap to be successful, it requires a seamless and supportive approach throughout the entire process, from pre-construction, construction, closeout, through post-construction. Ideally this requires a dedicated Wrap Administration Service Team ready to help throughout the entire construction project.
Not every broker is prepared to tackle the Wrap administrative duties but don’t let that prevent you from pursuing a Wrap for your client. You would need to partner with another broker to accomplish this. By doing so, you can increase your firm’s revenue and add Wrap-Ups to your firm’s portfolio.
It’s important to keep in mind that when you are looking for a co-broker partner they should be prepared to handle the following Wrap Administration duties:
This partnership becomes a win-win for both brokers. One firm handles the brokerage while the other broker handles the administration. Partnering with a brokerage, like TSIB who has an in-house team that manages the Wrap Administration duties, is your best bet.
Interested in learning more about a co-broker partnership and how it can benefit your firm? Reach out to TSIB today!
TSIB’s Risk Consultants are currently servicing the following locations:
East Coast: New York City, NY; Bergen County, NJ; Fairfield County, CT; Philadelphia, PA
Texas: Austin, San Antonio, Houston, Dallas
California: Orange County, Los Angeles County, Riverside County, San Bernardino County, San Diego County
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