What is the definition of Wrap-Up Insurance?

Wrap-Up Insurance provides protection against loss for a group of businesses or companies that are involved in one big project.

For instance, a wrap-up insurance is bought for a major construction project that involves the contractor, the owner of the building being constructed, sub-contractors working on different aspects of the building and other related parties. The wrap-up insurance provides protection in case all or any of the parties concerned are faced with a lawsuit related to the project.

The insurance company will pay only for losses that are incurred during the life of the project. Wrap-up insurance may either be bought or controlled by the building owner or by the contractor.

• Insolvency
• Misstatement of Age or Sex Provision
• Modified Premium Policies
• Moral Hazard
• Comprehensive Coverage