Wrap Up Insurance
Wrap up insurance and owner-controlled insurance policies are provided by an insurance company through an owner or developer. That policy covers the contractors working on a construction site under one policy.
The Benefits of Having Contractors Under One Policy
Many contractors working on buildings like townhouses, subdivisions,, and multi-family residences don’t have insurance coverage. This can leave the developer with severe liability for injuries incurred. With one policy to cover everyone on the job site, litigation is reduced in case a claim is filed by a worker or by the future owner of the property over the construction.
Control of the Coverage Details for Workers
When one insurance company covers all the workers, there is never a problem with policy exclusions or canceled coverage. The developer controls the type of coverage provided to all his workers on the job site. When each contractor has their coverage, there is the potential for issues regarding the limits of the coverage provided. Claims are handled more efficiently with one insurance plan covering the entire work site.
Basic Insurance Coverage for Wrap Up Insurance Policies:
- General Liability
- Umbrella Liability
- Builder’s Risk
- Workers Compensation
- Commercial Vehicles
- Property Damage
Safety Programs for All Workers
A primary feature of the Wrap-Up Program is one enforceable safety program that will ensure that all workers follow a specific protocol to avoid accidents and damages. Not all contractors have their safety programs, which can result in injuries. A safe workplace where everyone follows safety procedures results in construction being finished on time without injury and delays.
Eligible contractors for Wrap up policies
When developers use Wrap up insurance and owner-controlled insurance policies, they expect that contractors will bid on the job without the insurance costs included. They will be charged for the insurance used by the developer, but the contractor’s insurance can cover the operations outside of the Wrap Up coverage.
Add-On Coverage:
- Pollution Liability
- Contractors Professional Liability
- Railroad Protective Liability
- Builder’s Risk
- Installation and Contractor’s Equipment Floater
Wrap-up Insurance and owner-controlled insurance policies protect everyone working on the construction site. They are a great way to ensure that everyone has the same protection. If a claim is ever made against the workers, it can be handled with one policy, and there’s no finger-pointing or delayed action.
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