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homebuilder wrap-up

A modified version of a commercial wrap-up (also known as "consolidated insurance program" or CIP) that allows a developer to purchase blanket liability coverage for contractors performing construction work on behalf of the developer. Unlike traditional wrap-ups, these programs often do not include workers compensation insurance, which is central to most commercial construction project wrap-ups. This concept developed out of necessity when the markets for subcontractor liability insurance virtually evaporated in claims-prone areas. These policies provide shared liability limits for covered contractors, as defined by the policy.

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