Product Update

Wrap-Up Premium Audit Discussion Updated in Construction Risk Management

This release of Construction Risk Management contains an updated review of premium audits for wrap-up insurance programs.

Wrap-ups offer an opportunity to reduce the cost of insurance for a construction project. Ensuring that standard premium, on which the final cost of the coverage is based, has been computed accurately is sometimes an overlooked element of the program, which impacts the ability to achieve the expected cost savings. A wrap-up premium audit will ensure that the correct rating and premium calculation factors are employed. Program sponsors, participating contractors, brokers, and insurers all have an economic interest in identifying and correcting costly errors.