What is a Wrap-Up?
As a contractor, it is important to know what insurance coverage applies to you. Fortunately, when taking on a new project, wrap up insurance can help. You hear wrap up policies be referred to as OCIPS or CCIPs. These are consolidated insurance programs referring to Owner and Contractor Controlled programs, respectively. Each of these policies indicates a consolidated insurance program typically providing workers’ compensation and general liability to all enrolled contractors and subcontractors for operations occurring at a specific project site. In essence, the primary insurance policies are wrapped into one neat package.
A wrap up is a risk management and financial product that provides greater control over construction exposures. Under a wrap up policy, the sponsor provides insurance coverage, loss control, and claims management. As a result, each contractor is required to remove the cost of insurance from their contract. The end result is a more effect and efficient risk management protection covering your project.
The benefits of a wrap up policy are vast. A few include:
- Comprehensive insurance coverage for all
- Higher limits of coverage
- Safer construction site
- Reduced litigation
- Eliminates redundant costs and services
Available insurance coverage under an OCIP or CCIP policy generally includes:
- Workers’ Compensation insurance
- Employers Liability insurance
- General Liability insurance
- Umbrella Liability insurance
Additional coverage can be acquired, depending on the needs and risks of the project. Such additional insurance coverage can include:
- Builder’s Risk
- Professional Liability
- Environmental Liability
- Contractor Default insurance
Do you have the right coverage? Make sure you do by contacting the experts at Nahai Insurance Services. We can assess your unique business and its unique risks, finding suitable coverage for your needs.