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Expensive insurance premiums are often buried into the cost of your building projects. This can add millions to what you pay and provide little control over the project coverage quality.
However, by putting a Wrap-Up program in place, it allows the project owner to purchase the construction insurances directly, instead of relying upon each contractor to provide their own.
Implementing a Wrap-Up program comes with several advantages, including:
- When bidding, contractors remove their own insurance from their contract price. This results in a direct savings to the owner. The owner purchases the Wrap-Up insurance, so the contractors don’t charge you for their own.
- Buying insurance in bulk gives an owner more negotiating power with the carriers. This often leads to better pricing and superior policy terms & conditions.
- Having a single carrier handle the General Liability losses for all parties involved in the project puts the burden on the carrier. The carrier is more likely to resolve claims quicker and keep the project on schedule.
Utilizing a Wrap-Up for your construction project will result in project cost savings, better control over the quality of the coverage protecting your project, and on-time project delivery.
Insurance is only getting more expensive; not only for you, but for your contractors as well. Increases are being passed to you as line items in your construction agreements, ultimately adding to the cost of your projects.
Taking control of your insurance price with a Wrap-Up mitigates your cost increases over the long term, since buying the insurance for the whole project allows you immense purchasing power. You will be able to negotiate pricing and terms that will always beat what the contractors can obtain on their own.
Since a Wrap-Up is a dedicated insurance program for the project, it cannot be impacted by claims from unrelated activities. This ensures coverage is always available.
The Wrap-Up program is designed to cover the project owner and all enrolled contractors with a single carrier. There is an incentive for the carrier to quickly find solutions when claims arise, instead of going straight to litigation. This approach saves money and prevents time lost on the project schedule.
By taking control of the insurance this helps you return millions back to the project budget and ensures consistent and high-quality protection.
If you're not utilizing a Wrap-Up, you owe it to yourself to explore the concept. Speak with one of our Wrap-Up Consultants and see if you’re a good fit for the program and if we can save you money.
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