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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.
In addition to the stewardship reports, you should also expect to receive:
Weekly Reports
- CIP Enrollment and Compliance Snap-shot report
Monthly Reports
- Claim Loss Information, if available
- Non-compliance Reports
- Rosters of enrolled and non-enrolled contractors
- Compliance exception report
Quarterly Reports and Meetings
- Claim Reviews, if available
- Operating and Financial Status of the OCIP
Annual and/or Project Close
- Annual Stewardship Report
- Summary of past activities and action plans
- Operating and Financial Status of the OCIP
- Final OCIP Project Financial Status Report
- Project Closeout Report
The value of these reports cannot be understated. They are a snapshot of your project from a financial and compliance standpoint. If your Wrap Administrator is not providing these reports, you need to address it immediately. The administration's success of the project depends on it.
Interested in learning more about Wrap Administration and how important is to your Wrap-Up program? Reach out to TSIB today and schedule a free consultation with one of our Wrap-Up Specialists!
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
