Streamline Your Construction Projects with Construction Wrap-Up Insurance

When you work in construction you may often find yourself managing multiple projects simultaneously. Each project is unique which means it also comes with unique risks and liabilities that need to be addressed so that things can run smoothly and be completed to the customer’s satisfaction. In the construction world, comprehensive, tailored insurance is absolutely essential for peace of mind that you are protected from risk. Construction Wrap-Up Insurance is insurance coverage that was designed to simplify your coverage requirements across multiple projects and sites.

What is Construction Wrap-Up Insurance?

Construction Wrap-Up Insurance, also known as Controlled Insurance Program (CIP) or Owner-Controlled Insurance Program (OCIP), is a specialized insurance policy that covers all parties involved in a construction project. It differs from traditional insurance policies that are obtained separately for each project component by consolidating all of the coverage you need under a single umbrella policy. This coverage streamlines the insurance process, minimizes coverage gaps, and improves risk management for peace of mind.

The Benefits of Construction Wrap-Up Insurance:

• Simplicity in Complexity: Managing multiple construction projects is no simple task-it requires you to manage multiple insurance policies with different coverage limits. Construction Wrap-Up Insurance combines all of these policies into one which makes your life easier and ensures consistent coverage across the board.
• Tailored to Your Needs: Every construction project is different, and so are the risks associated with them. Construction Wrap-Up Insurance can be customized to meet the specific needs of your projects, whether they involve a rolling program with projects worth $125 million or multiple sites with a combined value of $150 million. This flexibility ensures that you get the coverage that is right for your projects.
• Better Risk Management: By consolidating your coverage, it will be easier to understand the overall risk of your projects. With a comprehensive view of your risk, you are better able to identify potential vulnerabilities, implement risk mitigation strategies, and ultimately reduce the likelihood of costly surprises in the future.
• Cost Savings: By bundling coverage into a single policy, insurance providers can offer cost savings that may not be possible with individual policies for each project. This can lead to cost savings for both the project owner and the contractors involved.