Due to the upsurge of construction defect litigation over the past two decades, most insurance carriers have stopped writing coverage for residential developers, general contractors and subcontractors. This is particularly true in California, Arizona, Nevada, Colorado, Texas and Florida, where the most significant construction defect problems have occurred. Fortunately there are a few carriers that are willing to provide coverage, on a project specific basis, under a Wrap-Up or Owner Controlled Insurance Program (OCIP).
Highlights:
- Backed by one of the largest wholesalers in the U.S., with over $4.8 billion in written premium in 2009
- Local experience working in concert with a national practice to provide maximum benefit to our retail clients and insureds
Over $75 billion in wrap values handled in last three years
- Local account team with over 40 years of liability insurance experience in the construction sector, including a former construction defect defense attorney
Representation of every insurance carrier currently writing wrap products, including domestic, London and Bermuda concerns
- We are the #1 or #2 producer by premium volume with each of the major wrap carriers, with which we have strong partnerships at all organizational levels
- Traditional and “rolling” programs (multiple projects/GCs on a single policy
- Fair and transparent compensation
Target Construction Classes:
- Condominiums
- Condominium Conversions
- Townhouses
- Single-Family Residences
- Tract home Projects
Benefits of Wrap-Up Programs
- Broad coverage for all participants
- One policy/One defense
- Reduction in liability costs with a single insurer
- Eliminates need to determine liability
Legitimate claims are paid quickly