Closing Your Wrap-Up Contract
Wrap up insurance programs are an increasingly popular risk management technique used by owners and general contractors of construction projects. A wrap-up policy consists of insurance coverage for multiple general and subcontractors working on a specific project. The policy ‘wraps up’ several coverages, purchased and managed by a single sponsor. If you are working on a wrap-up, it can be difficult to know what to do when you’ve finally completed the work. Take a look at these tips that can help.
- If you’re company’s work onsite (in addition to any of the work of your lower-tier subcontractors) is complete, you should close out your contract. However, if there is the slightest chance that you may return, your contract should stay open.
- To close the contract, you need to make sure any outstanding requirements have been completed, such as payroll, etc. Once there is confirmation that your work is complete and you are approved to close out, you can often enter your details via the wrap administrator’s online portal. Once the closeout is verified, you are done!
- Unforeseen circumstances can happen. If you return to the project site after you have closed out your contract, you will need to contact the project team for further instruction. Depending on the program rules, the contract may be reopened or you will need to provide your own insurance.
When you’re looking for wrap up insurance or individual insurance, we can help. Contact a team representative at Nahai Insurance Services to discuss the most reliable insurance solutions for you and your project.