What is a wrap up?
Benefits
• Comprehensive
insurance coverage for all
•
Higher limits of coverage
•
Safer construction site
•
Reduced litigation
• Elimination
of redundancies in both costs and services
• Economies
of scale
• Allows
for more competitive use of MBE and WBE
companies
When
to Use a Wrap Up
•
When is a Wrap-Up a good idea?
How
It Works
•
Gathering the players
•
Getting started
FAQ
- From Your Perspective
• Sponsor
•
Contractor (aka subcontractors)
• Broker
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Benefits
> Elimination of redundancies
in both cost and services
One job site, one loss control manual specific to the job
at hand that applies to everyone on site, and one carrier
to administer it all. This means everyone on site follows
the same loss control procedures and consolidated claims handling,
saving staff time and money. The Loss Control Manual is developed
for every OCIP/CCIP to address the specific risks of the project,
rather than the general needs of the field. The manual considers
risks such as location, project scope, traffic, etc.
Some things a Loss Control Manual would take into
account
• Local population (Manhattan suburb or Alaskan village?)
• Proximity to railroad tracks, major intersections,
popular attractions and so on
• Landscape concerns like water diversion, sink holes,
intense digging
• Specific concerns for project scope, like those for
an extremely tall project where there are tie off minimums
for particular heights to factor in, etc
Were to find savings through Administrative Efficiencies
• Consolidated claims through one administrator speeds
up the turn around time so an injured person gets the care
they need quickly, no waiting to determine who's policy covers
what
• Because one party handles claims there is no need
for costly legal counsel
• Carrier site visits allow the carrier to check on
their Wrap-Up as well as the individual contractors, ensuring
that the site is adequately covered.
• Documentation, like Conflict of Interest forms that
are typically gathered and tracked by the general contractor,
is handled instead by the administrator.
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