Wrap Up Insurance Policies Need Special Attention
Construction companies that work under "wrap up" insurance arrangements (OCIPS and CCIPS) should carefully examine the Wrap Up Insurance Manual before submitting their bid. The coverage, rules, procedures and method of calculating insurance cost are all included in the manual, and often vary from job to job.
Before the documents are submitted with estimated payroll and insurance costs, they should be reviewed by an insurance professional that is highly experienced in this type of insurance plan. Many contractors and sub-contractors have lost money on wrap up jobs because of incorrect and excessive insurance cost.
Did you know that workers' compensation losses on wrap up jobs are included in your company's experience mod? That is true - and they are sometimes misstated causing an unnecessary increase in the mod.
Please contact us at The Insurance Advisory in Needham, MA with any questions you may have about wrap up insurance policies.