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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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Topics: 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
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As a broker, you may have a client who would benefit from a Wrap-Up project. Unfortunately, your brokerage firm doesn’t place or administrator Wrap-Up policies. This can be a problem for you, as your client is going to need a broker that does.
Instead of losing your client to a competitor, consider partnering with a broker that not only places Wrap-Up coverages but also manages the Wrap-Up Administration. These administrative duties could include handling the subcontractor enrollments, payroll, and COI tracking.
Topics: Wrap-Ups
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Understanding how insurance cost savings work on a Controlled Insurance Program (CIP), also known as a Wrap-Up, and who retains the risk/reward is important. There are several varieties of CIPs which differ by the coverages included as well as entities that purchase them (owner vs contractor). However, the savings potential is differentiated by one major factor; is the Wrap-Up in question providing two-lines of coverage or a single-line?
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Regardless of the structure selected for your project, implementing a CIP is a unique way to manage a multitude of insurance challenges that arise on construction projects. The CIP (controlled insurance program) structure provides significant advantages to a project which include:
