Wrap-up Liability.
Most construction projects have a number of trades and contractors coming and going from the site on a daily basis, and this can go on for months - even years! Although each business and individual that enters the project probably has their own insurance, its important that the developer, or owner, protects themselves from claims made against them as a result of one of these other trades or contractors.
Wrap-up liability, which is packaged seperately from a Course of Construction (COC) policy, is an all-encompassing liability coverage that provides protection for all parties working on the project. The policy is referred to as a ‘wrap-up’ because it bundles the risk of all the construction companies and professionals working on the development and places a single liability limit (normally between 5M-10M) that protects everone. Unlike finished construction, which places the structure and liability coverage on the same policy, projects require two separate policies for complete protection: COC (for the structure) and Wrap-up (for the liability).
Wrap-up provides liability protection for all trades working on a single project. Pretty cool, eh!
Looking to ‘Wrap-up’ your liability risk?
Every project is unique in its own right, so it’s important that we gather pertinent information that will assist us in providing you with an approriate solution.
Complete the form below and one of our Alteri agents will be in touch to go through your project in further detail.