What you need to know about wrap-up insurance before starting your next construction problem.
When something goes wrong on the jobsite, it’s problematic for a number of reasons. Of course, there’s the time lost repairing the issue, and money spent remedying the situation. There’s another potentially troubling component, though.
When there are issues with a construction project, the possibility for a lawsuit arises. Project owners, general contractors, and subcontractors could all end up pointing fingers at one another. Even if they’re all properly insured, they’d still rather not be the ones to file the claim!
Since accidents happen and there’s no way to completely eliminate the risk for problems on your jobsite, we’re happy to share a solution with you. Wrap-up insurance is designed to cover all the people involved in your project – including project owners, general contractors, and subcontractors – under a single policy. That way, you have a defense against any construction claims that arise, whether you were directly involved in their creation or not.
Wrap-up programs come in two types: owner controlled insurance programs (OCIPs) and contractor controlled insurance programs (CCIPs). OCIP insurance is both sponsored and controlled by the project owner, while the general contractor holds the reins and responsibility for CCIP insurance.
Wrap-up insurance is a crucial component of protecting your construction project. It covers general liability claims, damages onsite, and both bodily injury and property damage issues that arise on the site after the project is completed related to the construction of the building. If you want comprehensive coverage for everyone involved in your next project, wrap it all up with wrap-up insurance.
Since wrap-up insurance is so important, it’s important that you go to the experts to get it. Contact Nahai Insurance Services to connect with a team of wrap insurance policy specialists who can fine-tune your coverage to best protect the project owners, general contractors, and subcontractors on your next construction projects.