When multiple contractors are working on a large project, the question of insurance can become a problem. Each contractor would be asked to provide his or her own coverage and have adequate protection and liability limits. When several contractors pay for coverage individually, it can become expensive. For an all-in-one insurance policy that covers all contractors on the same project, look for wrap-up construction insurance in Ohio.
Wrap-up insurance is usually offered in two types of policies. The first is Owner Controlled Insurance Programs. With this type of coverage, the property owner can purchase coverage for several project participants such as construction manager, subcontractors, and installers. The second type of wrap-up insurance is called Contractor Controlled Insurance Programs. Under the CCIP the general contractor or construction manager purchases the coverage. This policy generally covers everyone working on the project.
A typical wrap-up program contains several insurance coverages packages into one umbrella policy. Each of the individual policies can be unique, but also part of the whole project’s insurance. This can include coverage for general liability, worker’s compensation, business interruption, and even pollution liability. For this reason, large projects often use this type of multi-coverage insurance.
To prevent duplication of coverage on a large construction project, why not contact your insurance agent and request information on an umbrella policy for the job. Wrap-up construction insurance in Ohio can also help you manage complex construction claims if one should occur.