Products

Wrap-Up Insurance

CCIP & OCIP

Construction Risk Partners is immensely proud of our wrap-up practice. From humble beginnings in 2006 starting with one wrap client sponsoring one rolling program in the Northeast, our practice has expanded to a national platform representing a wide variety of sponsors and types of programs.

Design

At Construction Risk Partners, we collaborate with our program sponsors and insurance carriers to thoughtfully design the ideal program structure. Whether modelling a rolling or stand-alone program, we negotiate and place our sponsor’s wrap-up controlled insurance programs (CIPs) in a way that lends stability to the overall financial picture of the project. We specialize in both contractor-controlled insurance programs (CCIP) and owner-controlled insurance programs (OCIP). Our approach contemplates a number of risk finance techniques including use of captives, self-insurance programs and trusts.

Communication

Central to a successful Wrap-Up program is Communication (a core principle of Construction Risk Partners). Through regular communication with our Client Sponsors, CRP continually updates Risk Management and Project Teams during the life cycle of individual projects and holistically about the programs. The communications involve program performance from a premium and loss perspective, administration regarding enrollment and compliancy as well as guidance around unique project and subcontractor risk.

Further, we effectively and efficiently coordinate the services provided by underwriters, attorneys, actuaries, claims administrators, external auditors, state examiners, bankers and investment managers. Our program managers and administrators are deeply knowledgeable in their respective discipline. We are continuously engaging with the various program stakeholders to monitor and improve performance.

From a reporting perspective, the Construction Risk Partners wrap-up team will prepare detailed periodic financial reporting packages tailored to meet clients’ specific requests. These include in depth performance balance sheets and detailed loss data reports.

Software

Our software is specifically designed around the needs of our clients and allows for flexible administration for all CIP structures (CCIP, OCIP, GL-only, etc.). Through regularly scheduled, automated reports, Construction Risk Partners continually communicates with the risk management and project teams regarding the life cycle of their projects. Other critical aspects of CIP administration involve tracking, sorting and analyzing loss data by contractor, project, and overall program. Our risk management information system (RMIS) closely monitors claims and loss data in order to achieve optimal claim outcomes and focused loss prevention efforts.

At
Construction Risk Partners...

We listen carefully and thoughtfully so we can develop a thorough understanding of our wrap-up clients' needs, then execute by designing and implementing CIP programs that meet and exceed our clients’ expectations.

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