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Wrap-up liability insurance covers all contractors and subcontractors involved in a construction project. Simply, everyone involved falls under a single liability policy.
In projects without a wrap-up liability insurance policy, each contractor and subcontractor obtains their own commercial general liability insurance policy. Construction project owners will often obtain wrap-up liability insurance to reduce the inefficiencies of managing multiple insurance policies when there are numerous contractors and subcontractors.
While insurance policy terms can differ, wrap-up liability insurance typically covers the following.
1. General Liability - Coverage for bodily injury and property damage caused to third parties.
2. Completed Operations Liability - Coverage for claims arising from defects with the completed construction work.
3. Contractual Liability - Coverage for liabilities assumed by contractors and subcontractors under the terms of their contracts related to the construction project.
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Wrap-up liability insurance benefits everyone involved in a construction project by providing comprehensive liability coverage.
Typically, the construction project owner, developer, or general contractor obtains wrap-up liability insurance to gain control over the coverage and ensure consistency in coverage terms and limits across all contractors and subcontractors.
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