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The Wrap-Up Guide - Print Edition
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The Wrap-Up Guide - Print Edition

Product type: Book

Publication Date(s): 1990, 1993, 1995, 2000, 2006, 2018

Edition: Fifth


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Summary

Implementing a wrap-up or controlled insurance program (CIP) for construction projects is now a common approach for improving project safety, reducing the cost of risk, and ensuring all contractors are covered under a broad liability insurance program.

The Wrap-Up Guide is your go-to resource and will walk you through everything you need to know about designing, implementing, and administering a CIP.

Nearly double in size, this expanded edition is a top-to-bottom rewrite that gives you a practical, step-by-step road map for sponsoring a CIP. Formatted as “how-to” guide, the book now follows the chronological order of a CIP implementation timeline making it even easier for you to use.

In addition, CIP participants will find valuable insight that addresses how to make sure the program is structured with a partnership approach that emphasizes fairness to all parties. Fifteen construction risk and insurance professionals contributed to the new fifth edition, providing a balanced treatment of the perspectives of both wrap-up sponsors and contractor participants.

The retooled Wrap Up Guide also addresses dramatic changes in the world of CIPs, such as accelerated use of general liability only programs in commercial and residential projects. You'll also get insight into the use of CIPs for workers compensation only, pricing of coverage, and market availability.

Additional updated content includes numerous activity checklists, helpful diagrams, and expanded exhibits. You'll find new chapters addressing contractor insurance costs, structuring a CIP and marketing the project to underwriters, and the process of setting up a CIP, as well as an expanded discussion of potential pitfalls and problems with CIPs.

The Wrap-Up Guide covers these topics and more!

  • Wrap-Up Usage and Terminology
  • Benefits of a CIP
  • Wrap-Up Dos and Don'ts
  • OCIP vs. CCIP Issues
  • Feasibility Study of Wrap-Ups
  • Issues Important to CIP Participants
  • Qualification and Selection of Service Providers
  • Bid Documents
  • Insurance Cost Tracking
  • Insurance Program Design
  • Rating and Risk Financing Structures
  • CIP Insurance Manual
  • Risk Control
  • Administration
  • Maintenance of Wrap-Ups
Download Table of Contents

Agents, Brokers, Consultants for Prospective CIP Sponsors, Administrators

  • Provides information to help advise owners and general contractors on CIP feasibility
  • Enables the provision of practical advice to contractor clients about common wrap-up problem areas and on how to negotiate terms that will minimize problems
  • Provides guidelines on how wrap-ups should be administered.
  • Can be used to provide training for new administrators
  • Includes a checklist that can be used with contractor-clients to help assess a CIP and potentially eliminate coverage gaps
  • Offers tips on how to get contractor/subcontractor buy-in

Project Owners, Project Sponsors, Risk Managers, and Financial Executives

  • Provides information about the CIP concept
  • Provides information about conducting a CIP feasibility analysis
  • Enables the evaluation of pros and cons of the various ways to identify, remove, deduct or track contractor insurance costs and determine which approach fits the project
  • Describes strategies for positively impacting the success of a wrap-up
  • Provides guidelines for preparing wrap-up manuals and other important documents
  • Offers practical advice about how to administer a successful wrap-up
  • Explains the essential coverages needed for a wrap-up and provides helpful suggestions for choosing appropriate policy limits

Underwriters

  • Presents information about CIPs from a sponsor point of view
  • Provides information about assessing sponsor feasibility
  • Offers details about wrap-up administration processes and how they dovetail with or facilitate insurance company procedures
  • Helps underwriters understand issues affecting participating contractors and how to reduce or eliminate them.

Attorneys

  • Provides a basic framework for understanding CIP concepts
  • Offers a grounding in some insurance concepts relevant to CIP projects and ways they differ from traditional insurance programs
  • Discusses some custom and practice issues in CIP structure and administration

CIP Contractor Participants and their Agents, Brokers, Consultants

  • Provides a basic framework for understanding CIP concepts
  • Provides a checklist and guidance on items to consider before participating in a CIP
  • Provides advice on negotiating participation terms and coverage
  • Discusses ways to protect participant interests throughout the CIP process
  • Presents ideas for mitigating risk and administrative burden for participants
  • Provides a checklist for tracking involvement in multiple CIPs

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