A WRAP policy is a blanket policy that provides liability risk protection for owners/developers, general contractors, and subcontractors for a single job or project. If you need an Owner Controlled Insurance Program (OCIP) or Contractor Controlled Insurance Program (CCIP) to cover your project Peagsus Insurance Services Services are here to help. We understand the complexity of these policies and programs. We have exclusive relationships with the industry’s top insurance carriers which makes us able to custom tailor the right policy for you. The statute of limitations for construction defects claims can be up to ten years. All WRAP policies we offer include ten years completed operations extended reporting period.
WRAPs Are Normally Written For:
- Large high-end single-family homes
- New ground up condo or townhome project
- Large commercial project
- Tract home development
- Infill housing subdivision project
- Mix use projects that integrate commercial and residential units in a project
- New apartment project
- Co-housing and other types of planned unit developments
WARPs Cost Management
Since WRAPs provide coverage under a broad spectrum of risks, they can be very costly. Peagsus Insurance Services Services helps our clients manage the costs by educating our clients on how they can spread the costs to the subcontractors insured under the WRAP policy, offering higher deductible options, and by offering a PAY-AS-YOU-SELL option. The PAY-AS-YOU-SELL is a unique approached in which the product and completed operation premium is deferred unit the units are completed or sold. If you want to insure you are obtaining the best value for your WRAP project, please contact us.
Peagsus Insurance Services Services helps our clients by making sure they have the proper contracts in place in order to help prevent complaints from developing into claims. With the uses of our third-party partners we make sure you have carefully constructed warranty contracts, consistent sales agreement provisions, and proper subcontractor agreements to help minimize our clients risk exposures. In addition, our partners can offer the client critical guidance in job site safety, construction quality, and compliance with OHSA’s regulations.
Peagsus Insurance Services Services is your one stop resource for WRAP insurance. We will insure you are obtaining the write policy to meets your needs and at the best value possible. Please contact us for your next project and let us show you how our exclusive programs can save you money while offering a better peace of mind.