Wrap Up Insurance
Wrap Up 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 their own insurance coverage. This can leave the developer with a serious liability for injuries incurred on the job. With one policy to cover everyone on the job site, it reduces the litigation 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 has the control over the type of coverage provided to all his workers on the job site. When each contractor has their own 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:
- 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 certain protocol to avoid accidents and damages. All contractors might not have their own safety programs, which can result in injuries. A safe workplace where everyone follows safety procedures results in a construction that is finished on time without injury and delays.
Contractors Who are Eligible
When developers use Wrap Up and owner-controlled insurance policies, they expect that contractors will bid on the job without the costs of insurance 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 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 too. If there is ever a claim made against the workers, it can be handled with one policy, and there’s no finger pointing or delayed action.
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