First of all, What is a Wrap?

A Wrap, also known as an OCIP (Owner-Controlled Insurance Policy), is a commercial general liability insurance policy issued for a specific project which includes coverage for the builder/developer, general contractor, and subcontractors performing trade work on the project. It will typically include third-party liability coverage for the period of time the construction project is going on, as well as extended "construction defect" coverage for the structures once they have been completed and sold, for a period of up to ten years post-construction. Limits in coverage start at $1,000,000 per occurrence, with additional coverage available in increments of $1,000,000 (for additional premium).

All wrap policies are not the same. In fact, each insurance company uses unique "manuscript" wording in their policies which may limit coverage. You will have choices when it comes to the type of coverage you buy. It is important to work with a broker like Owen-Dunn that can understand and explain the differences in coverage and how they effect the cost

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