Wrap up policy

[stevenje]

I am getting involved with a new project that has all of us subcontractors enrolled in a "wrap up' general liability policy. It is my first experience as an EC with such a policy. Any input would be greatly appreciated.

 

[petersonra]

You probably do not have a choice in the matter as to participation.

As far as I know, it is a policy that only applies to work done on a specific project and whatever liability the project might end up having, as opoosed to a typical liability policy that you would have as an EC.

I think the idea is to avoid the finger pointing that goes on if something bad happens. The wrap up policy covers the incident and the insurer goes after the insurance company of the guy who is at fault so the owner does not have to do so. It also makes sure that the appropriate coverages are in place for the owner.

 

[rodneee]

I am getting involved with a new project that has all of us subcontractors enrolled in a "wrap up' general liability policy. It is my first experience as an EC with such a policy. Any input would be greatly appreciated.

i have not heard the term "wrap up" before this...it sounds like it might be nothing more than an "ADDITIONAL INSURED" rider policiy...when we were first asked to provide this coverage there was a nominal fee but now they are free...

 

[satcom]

You probably do not have a choice in the matter as to participation.

As far as I know, it is a policy that only applies to work done on a specific project and whatever liability the project might end up having, as opoosed to a typical liability policy that you would have as an EC.

I think the idea is to avoid the finger pointing that goes on if something bad happens. The wrap up policy covers the incident and the insurer goes after the insurance company of the guy who is at fault so the owner does not have to do so. It also makes sure that the appropriate coverages are in place for the owner.

Many of the projects for national chain stores are going this route, it saves them money and allows them to throw off any excess costs from claims to the subs, I may be wise to check with your underwriter, before enrolling in any wrap up or you may just find you are indeed wraped up, and left with out protection, just get advice before you jump in the pool no pun intended