Wrap Up Your Construction Projects
Cover all of your onsite contractors, subcontractors, managers and project owners with a single construction insurance policy. Wrap-Up Insurance policies are centralized insurance programs that provide numerous benefits to all parties involved.
Large-scale construction projects are complex undertakings and the insurance policies associated with them require insurance professionals who are able to analyze and customize an insurance program suited to fit the specific project’s needs.
Traditionally, project owners require subcontractors to provide their own insurance for a particular project. With a Wrap Up insurance policy, also known as Wrap coverage, a single policy provides liability and workers compensation coverage for all parties on a project..
Benefits of Wrap Coverage
Wrap insurance policies ensure that everyone who steps onto the job site and is enrolled in the program are covered. Project owners and General Contractors most often do not have the time nor the desire to comb through every contractor’s insurance policy to ensure they have adequate coverage and limits. Any gaps in coverage can lead to legal battles and delays in construction. A Wrap insurance policy provides a singular program safeguarding all parties involved.
Cost savings is a key factor in choosing Wrap Up programs. Contractors typically factor in the cost of insurance, marked up for profit and overhead, into their bids which can run about 2% to 4% of construction costs. Because the contractors will be covered under a Wrap policy and not their own General Liability policy, the Wrap sponsor uses Bid Credits or Bid Reductions, to fund the costs of the Wrap insurance policy. A single Wrap policy may significantly reduce insurance markups on a project.
Fewer Claims and Delays
Centralized safety and risk management services included in the policy reduce frequency and severity of claims. In the unfortunate event of a claim, there is only one insurer, resulting in efficient claims processing. A Wrap Up program can also reduce legal costs associated with a claim by removing expenses associated with cross-complaints, a common element of a construction claim under the traditional multi-policy model.
Hunter Insurance Services has been specializing in Construction Insurance for over 20 years and we understand that implementing an insurance policy for a large-scale construction project can be a complicated task. We have implemented Wrap insurance policies for projects ranging in scope from a few million to the tens of millions and we are equipped and ready to find a solution to fit all your needs. Contact Hunter Insurance today and let us partner with you on your next project.