What does Homebuilder Wrap Up mean? Read on to discover the definition & meaning of the term Homebuilder Wrap Up - to help you better understand the language used in insurance policies.
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.
We hope the you have a better understanding of the meaning of Homebuilder Wrap Up.