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: Risk, Wrap-Up

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

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: Wrap-Up, Contractual Risk Transfer

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: Risk Management, Wrap-Up, OCIP & CCIP

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, Traditional Insurance, OCIP & CCIP

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, Wrap-Up Administration, OCIP & CCIP

Why is Off-site Coverage Required on a Wrap-Up?

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Trade Contractors who are enrolled on a Wrap-Up Project, or CIP, are covered for their work on-site by the insurance contained within the program. However, before they can start work, they must provide proof of their corporate insurance coverage, typically for off-site exposures.

Proof of insurance coverage is especially important for Trade Contractors who are excluded from the program. They must show evidence of insurance for both on and off-site coverage.

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Topics: Wrap-Up, Off-site Coverage, Trade Contractors

What to Look for in a Wrap-Up Administrator for your OCIP

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Whether you are an Owner, General Contractor or Developer, Wrap-Up Administration is the key to your OCIP. For a Wrap-Up to be successful, the wrap administrator must understand both construction and insurance. Wrap-Up administration is an overwhelming process, and there are specific things you should look for when looking for a partner.

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Topics: Wrap-Up, Wrap-Up Administration, OCIP & CCIP

Wrap-Up Administration - Partnering for Success

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There are many factors that go into determining whether a Wrap-Up will be successful or not, and Administration is one of those crucial components. From orientation to close-out, Wrap-Up administrative functions are numerous and time-consuming—but they are also beneficial. Continue reading to learn about the benefits of Wrap-Up Administration. 

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Topics: TSIB, Wrap-Up, Wrap-Up Administration

Gross Payroll vs. Reportable Payroll

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When working on a construction project and participating in a Wrap Up, you are generally required to submit daily, weekly or monthly payroll reports for work done on the project site. Reporting requirements can vary which can make payroll reporting confusing.

The most important tip to remember is that there is a difference between Gross and Reportable payroll. Continue reading to learn how these two payroll types are different!

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Topics: Reportable Payroll, Gross Payroll, Wrap-Up

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