Wrap-Up Insurance

Wrap Up Insurance

CONSTRUCTION WRAP-UP INSURANCE

Construction is on the rise, but so are costs. And as projects get more expensive and complex, you become more vulnerable—to high premiums, difficult claim processing, coverage gaps and possible litigation. To offset these potential negative outcomes, project owners and lead contractors implement a Controlled Insurance Program (CIP), also known as a “wrap-up”. As the name implies, wrap-up insurance is an all-encompassing insurance policy that covers the project owners, general contractor and subcontractors working on a project.

Typically, wrap-up policies provide general liability insurance, yet they can also include workers’ compensation, builders’ risk and professional liability if the project size and complexity warrants these additional coverages.

Construction Wrap Up Insurance

BENEFITS of WRAP-UP INSURANCE

Some of the most successful and prestigious project owners and contractors turn to Nahai Insurance to create a customized plan, and implement and administer their policies.

The benefits to you include:

• Cost savings
• Improved coverage
• Higher limits

You can rest assured, as, unlike typical contractor’s liability insurance, the project owner or lead contractor maintains greater control over their options, because when you have a wrap-up, your project will employ just one or two insurance carriers. So, if you have a claim, the process becomes more straightforward and streamlined. Who wouldn’t want fewer insurance adjusters and lawyers involved? And when you have fewer insurance carriers, you also reduce the possibility of cross litigation. In addition, since everyone on the project is covered by the same insurance policy, there is no need to determine who, or what, is at fault for an accident. Plus, with a wrap-up, ensuring that contractors have adequate coverage is not necessary, as all enrolled contractors share the same limits and breadth of coverage, which is higher than they would secure on their own since a wrap-up is a project-specific policy.

Construction Wrap Up Insurance
The Most Coverage

THE MOST COMPREHENSIVE COVERAGE

Nahai Insurance Services has more than 35 years’ experience designing commercial and specialty policies to fit the needs of our high-profile clients. We offer the most comprehensive wrap-up coverage available for construction projects of high-rise office buildings, condominium developments, manufacturing facilities, arenas, hotels, professional sports stadiums, and more.

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GET in TOUCH with US

Whatever your project, we highly recommend wrap-up insurance for any project owner, developer, contractor or investor whose project is valued at $5 -10 million or more. However, since all projects come with their own specific needs, it’s best to talk to one of our wrap-up insurance specialists.

Read more about our Contractor Controlled Insurance Program (CCIP) and our Owner Controlled Insurance Program (OCIP).

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Beverly Hills, CA 90212

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