when development ends your wrap up insurance coverage will need to transition to coverage for operations at this time coverage will likely move to an individual as need basis 
limitations of wrap up insurancewrap up insurance has some restrictions wrap up insurance policies are intricate and call for careful planning and coordinating they require input from the project owner general contractors subcontractors and insurance firms therefore coverage requires substantial collaboration as it can be difficult to coordinate coverage secure suitable restrictions and manage the different stakeholders given the size and high value of the projects it covers wrap up insurance can be pricey 10 the premiums deductibles and other expenses related to obtaining and managing the insurance as well as any administrative fees may be substantial due due to complexity and uncertainty with long term projects the project budget may need to account for these higher expenses wrap up insurance frequently offers protection for particular projects or construction phases but may not cover all facets of a project a wrap up policy may not cover some risks such as professional responsibility design flaws or pollution liabilities project leads must be mindful of these gaps that may call for additional insurance coverage on a related note wrap up insurance contracts frequently contain a number of exclusions limitations and conditions even in the realms they do cover for instance these might restrict coverage for particular types of claims or losses for example the office of general counsel for new york has set forth restrictions for wrap up insurance for public development projects 11last wrap up insurance may not always be easily accessible or reasonably priced depending on the location and nature of the project insurance companies may have special requirements or limits before selling them in addition the inherent risk of a specific build may be so large that it is cost prohibit or administratively not feasible for any third party insurer to agree to take on the risk 