Mind the Gaps in Wraps! Risks to Contractors in Wrap Insurance Programs

Beware of “gaps in wraps”! There is no standard “wrap” or consolidated insurance program (e.g., OCIPs and CCIPs). Issues to consider: Are limits adequate, both for ongoing and completed operations? How strong is the carrier? How broad is the coverage—limiting definitions, inappropriate exclusions? How long will the insurance remain in place—full statute of repose?

What You Will Learn

• What is a Wrap Up or Controlled Insurance Program, and why do Wrap policies exist?
• What should concern contractors in a Wrap Up / OCIP?
• How Contractors can protect themselves against weak programs?

Target Audience

Contractors, Subcontractors, Insurance Brokers, Attorneys and anyone interested in the financial consequences of potentially uncovered claims.

Instructors

Dan McLennon, Smith, Currie & Hancock LLP and Kevin Reimers, Woodruff-Sawyer & Co.