In today's market, we're placing significant programs --$500 million to $2 billion plus in construction value--in General Liability-only wrap-up
A safety bonus system can be particularly beneficial to large owners or general contractors that have financial participation in the wrap-up
through self-insurance, captive programs or high-deductible arrangements, where reduced claim costs translate directly into increased profits.
Y (CNS) -- The Independent Insurance Agents of New Y ork (IIAANY) has gone on record as opposing legislation that would permit the use of insurance wrap-ups
on public construction projects.
Other coverage includes wrap-ups
of the top press releases throughout the week, in-depth reporting from various educational sessions, and pre-event interviews with speakers including Hugh Thompson, RSA Conference's program committee chair.
As president of Project Technologies, the wrap-up
insurance subsidiary of Allied North America, Munson directs large-scale wrap-up
programs from start to finish.
These potential negative effects exist largely because owners and their brokers and consultants make the decision to use a wrap-up
long before contractors are selected and a prime contract is negotiated.
According to Grossi, Marsh does seven out of nine active wrap-up
programs in Hawaii that he knows of, comprising about 10 percent to 15 percent of Marsh's insurance business in the construction industry.
But a wrap-up
insurance program allows the owner of the construction project to consolidate and control all the project's insurance in one package.
facilitates three goals: it promotes diversity of contracting that reflects the local economy, it increases the pool of eligible bidders to infuse price competition, and it provides greater insurance protection at the lowest possible cost.
Increasingly, the coverage solution of choice is a wrap-up
The complexities associated with managing construction wrap-up
projects may introduce costly delays in project completion and frustration to the project team.
To insure the construction exposures of this myriad of projects, the Authority's Risk Management Branch researched a number of options before recommeding the use of a wrap-up
insurance program as the most efficient method.
For potential financial advantages, coverage enhancements, collective coverage uniformity, and coordinated claims handling, a wrap-up
policy may be the smartest choice for success.
Brian Billhartz, senior vice president of Wrap Up Insurance Solutions, which provides agents and brokers with expertise on wrap-up
coverages, notes that traditional wrap-ups
go back at least 40 or 50 years, but the last decade has seen not only the emergence of CCIPS, but GL-only wraps that have attracted surplus-lines carriers not traditionally involved in construction.
programs combine general liability, workers compensation and umbrella insurance coverage for all contractors working on large construction projects.