Residential Wrap Up

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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

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.

More Insurance Terms And Definitions

The Merriam-Webster Dictionary defines insurance as:

a: The business of insuring persons or property.

b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.

c: The sum for which something is insured.

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