The wrap-up concept is a viable concept providing insurance for a major construction project.
Basically, a wrap-up provides General Liability insurance for a specified construction project to be written under one policy covering all of the interests in the project:
- The owner
- The general contractor
- All subcontractors
- Architects and engineers but not for their professional liability
This coverage can be obtained by either the owner or general contractor.
Benefits of a Wrap-Up liability policy include:
- Uniform limit for all insureds
- Specific limited dedicated to the project
- Uniform coverage for all insureds
- Policy is in force for the entire project, including the completed operations period
- Ease of the owner in identifying the insurance cost for the project
- Ease in dealing with claims which involve multiple parties
- A uniform deductible applies