Do your construction projects need wrap-up insurance? This guide can help you decide.
Construction projects are always interesting to insure. For starters, each one is unique. Even if you’re working with the same subcontractors and using the same blueprint for an entire housing tract, you know that some unexpected circumstances will present unique challenges as the project progresses. As a result, you know that you need to protect each new build. Do your construction projects need wrap-up insurance? It’s possible! Here’s a guide to help you find out.
What’s the difference between wrap-up coverage and other types of project specific liability insurance? Who it covers. With this kind of insurance, everyone working on the project is covered. Wrap-up insurance protects everyone from the highest project owner to the subcontractor who only had an hour of work on the build, all under a single policy. That means that if you do need to call on your coverage, there’s no need to figure out who was at fault since everyone is already protected.
The larger your construction project, the more you’ll need wrap-up coverage. A single-house build with a dozen people working on it is fairly straightforward, and so are its insurance needs. A mini wrap covering the project owner and GC might be more suitable for a single house build. As the scale of the project grows, so do its risks. As more and more liabilities arise with more potentially responsible parties involved, wrap-up coverage makes more sense.
Deciding exactly when you cross the line into wrap-up territory can be tricky. Talk to an insurance expert to decide! If you’re still not sure whether or not you should get this kind of coverage, contact Nahai Insurance Services. We work on a case-by-case basis and can help you determine if your construction projects need wrap-up insurance or would be better served by another type of policy. Plus, if you do need this protection, we’re wrap coverage experts who can customize a policy for your upcoming project. Call us today!