From heavy-duty industrial equipment to working at height and handling building materials, construction worksites involve many safety hazards that could result in potential lawsuits and liabilities. A Wrap-Up plan is a consolidated insurance policy where a controlling entity (usually the owner or general contractor) purchases insurance coverage for all the trades working on the job site.
That's why, at Riverbend Insurance, we offer comprehensive wrap-up insurance to provide adequate liability protection for the owners, contractors, and subcontractors involved in the construction project. Whether a third party suffers an onsite injury or an employee falls off a ladder, we've got you covered at Riverbend.
Recognizing Financial Risks
It involves identifying the financial impact of a wrap-up insurance policy, which include:
Generally, program sponsors hire a third-party administrator (TPA) to handle claims management tasks, including:
Considering your unique risks and liabilities, we offer the following coverage options for your construction business:
Besides the basic coverage options, you can also customize your wrap-up policy with the following coverages for enhanced protection:
Riverbend Insurance serves construction businesses across Denver, CO, with best-in-class, affordable wrap-up insurance coverage. Our insurance experts work with you to understand your risks and exposures and tailor coverage accordingly.
As a reliable and client-centric insurance agency, we exceed our clients' expectations while writing policies, ensuring the best possible protection against every risk. We answer all your insurance-related questions on time to help you make informed decisions and focus on maximizing your profits by offering comprehensive coverage at reasonable prices.
This implies that contractors' insurance carriers won't cover you whenever you work on wrap-up projects. So, a wrap-up insurance policy may exclude coverage for completed construction projects if the policy has expired.
An OCIP is an owner-controlled wrap-up insurance program, and a CCIP is a contractor-controlled wrap-up insurance program.
In an OCIP, the owner pays the premium and manages the program elements, whereas, in a CCIP, the contractor will do so.