how to secure wrap up insurance coverage
there are specific steps that often must be taken in sequential order for wrap up insurance coverage to be secured first the development team must examine the project s scope size and length to determine whether wrap up insurance is appropriate think about things like the project s type projected costs schedule for completion and any potential risks 9to discuss the project and the potential inclusion of a wrap up insurance program hold pre bid meetings with prospective contractors subcontractors and insurance providers this enables stakeholders to know what to expect and what is expected of them right away this will also flag limitations early in the construction schedule process the project owner often chooses whether to undertake a wrap up insurance program based on the advice and evaluation given by insurance experts it is up to the project owner to select an insurance provider or underwriter the choice is made based on the provider s qualifications standing financial stability scope of coverage and cost the terms and conditions of wrap up insurance may be negotiated though be mindful that underwritten calculations have often been substantiated and approved by the issuing company you must also be mindful of specific terms such as coverage limits the length of the insurance the precise coverages included the deductibles the exclusions and any further endorsements necessary after acquiring the wrap up insurance policy inform all contractors and subcontractors participating in the project of the coverage make sure they are aware of the policy s roles obligations and responsibilities establish processes for reporting documenting and addressing claims as well as ongoing oversight and policy compliance with each impacted party 