CONSTRUCTION WRAP-UP INSURANCE
Construction is on the rise, but so are costs. And as construction 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 contractors and subcontractors working on a large construction project.
Typically, wrap-up policy provide general liability insurance, yet they can also include worker compensation insurance , builders’ risk and professional liability if the project size and complexity warrants these additional coverages.