Cover Your High-Risk Construction Projects and Related Liabilities with Wrap-Up Insurance
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.
Our Wrap-Up Insurance Components
- Insurance Agent – Organizes/writes the program for the insured
- Program Sponsor – The entity purchasing the policy
- Wrap-Up Administrator – Manages all information related to the wrap-up insurance program
Our Wrap-Up Insurance Elements
Recognizing Financial Risks
It involves identifying the financial impact of a wrap-up insurance policy, which include:
- Cost Savings or Losses – While filing claims often may cause losses to the sponsor, fewer claims help them save.
- Collateral – Assets serve as security against future liability. As a sponsor, you’ll have to provide collateral to utilize the program’s loss funds.
Generally, program sponsors hire a third-party administrator (TPA) to handle claims management tasks, including:
- Selecting insurance carriers, identifying liabilities, and negotiating insurance coverages and terms
- Creating a realistic return-to-work program
- Hiring an efficient wrap-up administration team to manage the paperwork
- Crafting cost-saving protocols for the loss fund
- Coordinating with the insurance carrier and the agent to handle outstanding claims
What We Have to Offer for Your Construction Business
- Workers’ Compensation
Protects your business against employee-related lawsuits and reimburses your employees’ lost wages, disability expenses, and medical bills if they suffered a work-related illness or injury
- General Liability
Covers third-party bodily injury or property damage caused on your worksite or by your materials/equipment, work, or employees’ activities
- Employer’s Liability
Covers lawsuits and related expenses if your business is sued for work-related injuries or occupational diseases
- Umbrella/Excess Liability
Provides extensive coverage for claims exceeding the limits of your standard liability policy
- Builders’ Risk (All Risk) – Covers damage to buildings under construction
- Efficacy/ Force Majeure/Delay – Reimburses losses incurred due to uncontrollable contract delays or termination
- Environmental Liability – Covers environmental liabilities and related expenses you incurred while working on your project
- Errors and Omissions (for Architects and Engineers) – Protects design professionals, architects, and engineers against claims resulting from negligence acts and errors and omissions committed in their work
- Asbestos Abatement – Protects asbestos abatement contractors from third-party liability claims and lawsuits resulting from the release of asbestos
We Protect Your Construction Business. You Thrive with Peace of Mind.
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.