A Broker Partnership - For the Win!

Image credit: shutterstock.com/g/pixfly

If you are an insurance broker, it might seem counter-intuitive to reach out to another brokerage for help with an existing client. However, it is more common than you think. In fact, it can be lucrative for your brokerage.  

Here’s an example – 
Your client has a large construction project on the horizon and is relying on you to advise the best way to insure the project – traditional insurance or a Wrap-Up.  However, your firm has never placed nor administered a Wrap-Up before. The project needs to go well as this client has more construction projects planned for the future. You don’t want your client taking this business elsewhere.  What do you do?  

A Co-Broker partnership is the answer. 
Instead of losing your client to a competitor, partner with a broker that has Wrap-Up experience. This type of partnership can provide the Wrap-Up support needed to keep (or win) such an account. That partner broker can provide feasibility studies, sales/marketing support, and even Wrap administration that might be needed to assist your firm in placing a program.  All this while your brokerage adds additional revenue to its bottom line.

Be proactive. Take a look at your firm’s client portfolio.  
Do you have any clients who would benefit from a Wrap-Up?  
Instead of having your client shop around for a new broker, seek out a co-broker partnership now.

TSIB has a Co-Broker+ Program specifically for brokers who do not have an established Wrap-Up portfolio. Our goal is to help you keep your clients’ business in-house and add additional revenue to your firm. 

Interested in learning more about a Co-Broker partnership? Reach out to TSIB today and schedule a free consultation!

How Co-Broker+ Benefits You ›

Read More

Topics: Wrap-Up Administration, Partnership

Wrap Administration Duties


Image credit: shutterstock.com/g/Freedomz

So, you’ve decided on a Wrap-Up for your next project. You know your broker can secure the policies needed for a Wrap-Up. But that’s just part of the Wrap-Up picture. Are you sure your broker can properly manage the Wrap Administration duties?

Often Owners, General Contractors (GC), and Trade Contractors think Wrap Administration occurs only during actual on-site construction. That’s just not true. 

For a Wrap-Up to be successful administratively, it requires a seamless and supportive approach all the way through from pre-construction, construction, closeout, and post-construction. As such, make sure your broker can provide a dedicated Wrap Administration Service Team ready to help throughout the entire construction project.

What duties should the Wrap Administration Service Team be prepared to do?

Read More

Topics: Wrap-Up Administration

Wrap Administration Reporting


Image Credit: fizkes/shutterstock.com

As the Sponsor (Owner, or General Contractor) for a Wrap-Up program, you should be aware of the types of reporting your Wrap Administrator should be providing. In addition to a daily report with your project’s contractors, other types of reporting are a big part of your Administrator’s duties. It starts with monthly, quarterly, and annual stewardship reports based on the needs of the Sponsor.  Critical information in these stewardship reports includes: timelines, open items and responsibilities, loss experience and claim reserves, if available, Wrap-Up Enrollment schedules, any existing or anticipated problems/challenges, and accomplishments.

Read More

Topics: Wrap-Up Administration

Is your Wrap Administration Team CRIS® certified?

Image credit: InsideCreativeHouse/shutterstock.com

As the owner of a large construction project – whether it is a new mixed-use retail space, new hospital or new college library, there are many decisions to make to help the project run smoothly.  You have decided to utilize a Wrap-Up, or Controlled Insurance Program (CIP), for your insurance which is a great start.

Read More

Topics: Wrap-Up Administration

Information Required to Enroll in a Wrap-Up Program

Image credit: Pormezz/shutterstock.com

Contractor’s working on a Controlled Insurance Program (CIP or Wrap-Up) jobsite, are often required to enroll in the Wrap-Up program. When a contractor submits enrollment information, essentially, they are applying to the program’s insurance carrier for a policy. The program’s carrier analyzes the contractor’s information and the history of any claims. Then the carrier approves or rejects the enrollment based on the level of risk they are willing to incur by insuring the contractor. If the contractor is approved, the carrier will issue the company an insurance policy.

Read More

Topics: Wrap-Up Administration

The Wrap-Up Closeout Report

Image credit: shutterstock.com/g/sasirin+pamai

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.

Read More

Topics: Wrap-Ups, Wrap-Up Administration