A General Liability GL-Only wrap-up offers project specific general liability coverage and a single policy for all insureds. It is sponsored by the owner or contractor and covers all eligible contractors.
LIMITED PROGRAM MANAGEMENT
The administration of a GL-Only wrap-up is similar to a full wrap-up with lower administrative costs, meetings are usually over the phone, there is no payroll tracking and reporting is lighter.
- Owner is a Named Insured
- Owner controls purchase and coverage terms, including carrier selection
- Program provides Completed Operations for Statute of Repose or 10 Years, whichever is less
- Carrier rights to cancel mid-term are extremely limited
- Fixed Insurance Rates for Term of Program
- Allows Owner to implement on smaller projects, especially when the GC cannot provide project specific coverage or meet lender requirements
- Minimizes need to track GL & Excess Liability certificates for on-site exposures
- One insurer pays all claims
- Owner controls claims process
- Cost savings go to Owner
- Avoidance of GC Overhead & Profit loadings
- Contractors paid net of insurance
GL-Only wraps became fashionable during the residential boom to provide protection against the residential exclusions found on many contractors’ liability policies and to help defend participants against class action suits. Today, GL-Only wrap-up programs are a popular choice for many types of commercial construction.
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