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Residential Wrap Up

Residential Wrap-Up

Definition

A wrap-up insurance program implemented for a condominium or other residential development project primarily to provide commercial general liability (CGL) and umbrella/excess liability insurance for the contractors. Unlike most wrap-ups, residential wrap-ups usually do not include workers compensation insurance. Because they are implemented as a way to ensure adequate coverage rather than to reduce project costs, they can be implemented on much smaller projects than would qualify for a traditional wrap-up.

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