At Modab Insurance Services, we offer personalized Wrap-Up plans to protect owners, contractors, and other stakeholders in a construction project all across the U.S.
A Wrap-Up plan is a consolidated insurance program, in which a controlling entity (typically the general contractor or owner) purchases an insurance policy covering all the trades working on the job site. At Modab Insurance Services, we offer project-specific Wrap-Up insurance policies nationwide, custom-tailored to suit your individual needs.
Our Wrap-Up insurance programs typically involve three entities:
- Program sponsor- the entity that buys the policy
- Insurance agent- brokers the program for the insurance carrier
- Wrap-Up administrator- handles all of the information related to the Wrap-Up program
Elements of a Wrap-Up Insurance Program
Identification of Financial Risks
This encompasses identifying and managing the financial implications of a Wrap-Up program, including:
- Losses/Cost Savings – More claims translate to losses for the sponsor, whereas fewer claims leads to cost savings.
- Collateral – It refers to assets that serve as security against future liability. As the program sponsor, you will be required to provide a collateral to avail of the program’s loss funds.
To minimize the stress of handling insurance claims, program sponsors often hire a TPA (Third Party Administrator) to handle claims management tasks. The claims management process includes:
- Selection of the insurance carrier(s), negotiation of the insurance coverages and terms, and identification of responsibilities
- Hiring an effective Wrap-Up Administration team to handle the voluminous paperwork
- Coordinating the handling of outstanding claims with the insurance carrier and the agent
- Crafting a feasible Return-to-Work program
- Creating cost-saving protocols for the loss fund
Coverage Offered under Wrap-Up Insurance
- Workers’ Compensation – Covers medical benefits and wage replacement when an employee suffers a work-related injury, illness, or death
- General Liability – Covers property damage and bodily injury claims that emanate from your operations, services, and products
- Employers’ Liability – Covers your legal expenses in case of negligence lawsuits relating to occupational diseases or work-related injuries
- Excess/ Umbrella Liability – This is an additional liability insurance policy that covers claim amounts exceeding your underlying insurance policies’ limits
- Builders’ Risk (All Risk) – Covers damage to buildings that are under construction
- Environmental Liability – Covers environmental obligations and expenses that you may incur while working on your project
- Asbestos Abatement – Protects asbestos abatement contractors from third-party property damage and bodily injury claims, emanating from the release of asbestos
- Efficacy/ Force Majeure/Delay – This coverage compensates for the costs that come with delays or termination of a contract due to events a contractor can’t control
- Architects & Engineers Errors & Omissions – Protects design professionals from claims relating to the errors and omissions they’ve made in their work
Wrap-Up Program at Modab Insurance Services
With a collective experience of more than 200 years and thousands of clients served, our team of expert professionals at Modab Insurance Services, offers true end-to-end risk management solutions for a wide range of construction projects and other related services all over the U.S. Our Wrap-Up plans ensure:
- Broader Coverage- We insure all the parties involved in a project, from contractors to developers and building owners.
- Safety- The work site is made safer thanks to uniform and coordinated safety standards to be followed by all contractors involved in a project.
- Lower Costs- Our Wrap-Up programs help you benefit from volume discounts.
- Increased Profits – Due to lower insurance costs, you can save more on your projects, thus enjoying a higher ROI.
A Wrap-Up Exclusion implies that a contractor’s insurance carrier won’t insure them whenever they are working on Wrap-Up projects.
An OCIP is an owner-sponsored Wrap-Up insurance program, whereas a CCIP is a contractor-sponsored Wrap-Up insurance program.
With an OCIP, the owner pays the premium and manages the program elements. Conversely, with a CCIP, the contractor pays the premium and manages the program elements.
At Modab Insurance Services, we’ll design a Wrap-Up insurance program that suits your project’s specific needs. Contact us today to get started on your customized policy.