Contractors are faced with challenges when choosing wrap-up over traditional insurance.
There are many advantages to a wrap-up program, including that it reduces premium deposit on corporate program, reduces cross-complaints and subrogation, and has likely higher insurance limits and the potential for broader coverage. On the flip side the disadvantages include a reduction of volume in corporate insurance program and create potential gaps in coverage. This video reviews many other advantages and disadvantages of a wrap-up program; as well as common misconceptions of CCIPs.
Michael B. Lapicola
Faegre Baker Daniels LLP
- Partner in the law firm of Faegre Baker Daniels LLP
- National construction law practice, representing project owners, contractors, subcontractors, suppliers, architects, engineers, lenders and sureties in dozens of states across the United States
- Provides daily consultation to clients regarding procurement, licensing, liens, bonds, insurance, indemnity, delays, defects, changes, payment, termination and other construction project matters
- Listed in Chambers USA: America's Leading Lawyers for Business — Construction, 2011-16
- Frequent speaker and has written several publications
- J.D. degree, cum laude, Northwestern University School of Law; B.A. degree, magna cum laude, Brigham Young University
- Can be contacted at 303-607-3680 or [email protected]
- Currently a Senior Risk Manager for Gilbane Construction
- More than 30 years of experience in the risk management, insurance, and construction industries
- Is a National Risk Management resource
- Provides a rounded and measured advisory service, which includes contract review, risk transfer method, captive utilization, claims advice, and senior leadership consulting for program construction
- B.A. degree, North Park University
- Can be contacted at [email protected]
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