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"Case Studies" > Insurance - Broker Liability > Replacement Insurance Coverage Unavailable After Agent Procrastinated

Replacement Insurance Coverage Unavailable After Agent Procrastinated

Summary:


WRAP coverage can save the owner of a project a considerable amount
of money by covering all contractors under a single blanket policy rather
than reimbursing each contractor individually

Plaintiff non-profit organization acted as the general contractor in building a new neighborhood outreach center. When they shopped insurance for the project they decided to purchase an unconventional product called WRAP coverage. With conventional coverage, each contractor charges back the cost of individual policies to the owner, which can vary considerably depending on individual contractor circumstances. With WRAP coverage, the owner buys universal coverage for all contractors, eliminates individual circumstances that may affect price, and keeps the savings for itself.


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