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