Wrap-Up Insurance Programs
C-Risk specializes in structuring wrap-up insurance programs; owner-controlled insurance programs (OCIP) and contractor-controlled insurance programs (CCIP). We provide risk management consulting and advisory services to project owners who require strategies and insights for the formation and implementation of wrap-up insurance programs on capital construction, transportation, and infrastructure projects.
C-Risk is proficient in preparing wrap-up feasibility studies. Project owners will greatly benefit from obtaining a comprehensive wrap-up insurance program feasibility study prepared by a wrap-up consultant and risk management practitioner in lieu of getting a wrap-up program feasibility study prepared by an insurance broker. An independent wrap-up consultant will prepare and deliver an objective and unbiased risk management assessment of whether a wrap-up insurance program is the best risk financing approach for a project owner’s capital construction project and can also assist a project owner with the evaluation of the most effective insurance program structure for the specific risks and exposures of the construction project.
The key benefit to a project owner is that C-Risk is not an insurance broker. Therefore, C-Risk does not have any conflict of interest because C-Risk is also not directly involved in either the marketing or placement of the insurance coverage for the wrap-up insurance program, which is under consideration in the risk assessment and recommended risk financing methodology in a wrap-up feasibility study. C-Risk is objective, unbiased, and is always focused on what is in the best interest of the project owner, not the broker, insurer, or contractors.
C-Risk provides wrap-up consulting and advisory services on the design of wrap-up program structures, formation of wrap-up implementation requirements, and we provide recommendations on practical and effective wrap-up administration processes and procedures. C-Risk works closely with clients on the development of an effective wrap-up strategy. We provide objective and practical advice on structuring practical insurance & risk management programs to achieve a higher probability for success on project-specific wrap-ups, or on multi-site wrap-up insurance programs, a.k.a., “rolling wrap-ups”.
A wrap-up insurance program is an effective project insurance and risk financing mechanism that can be operationally, administratively, and financially beneficial to project owners and contractors if designed, implemented, and managed properly. A wrap-up is a systematic process and a critical component of a successful wrap-up is planning. Please keep in mind that planning alone will not guarantee a successful wrap-up. The plan must be realistic, based on reasonable assumptions, and executed with precision in order to achieve a successful result on a construction project. C-Risk has the practical construction project experience on a variety of capital construction projects for public owners and private development entities to ensure a favorable outcome.
There are many ways to structure a wrap-up. Critical success factors are the experience, capabilities, and effectiveness of the people who are directly responsible for the wrap-up’s formation, implementation, and administration. The commitment of management and compliance of the participants enrolled in the wrap-up are fundamental to ensure a higher potential for success on a wrap-up. C-Risk is cognizant of the skills and attributes each participant in a wrap-up insurance program should be responsible and accountable for. We have practical wrap-up experience on capital construction projects. We have detailed experience as a project owner’s risk manager. In addition, C-Risk consultants have worked as a construction contractor, insurance broker, and construction insurance underwriter. This provides a very unique perspective than insurance or risk management consultants providing wrap-up consulting services. This is the compelling reason how C-Risk differentiates our wrap-up program consulting services.
C-Risk can assist a client with their wrap-up program planning, formation, and implementation. The formula for success on a wrap-up is to have an experienced wrap-up consultant and strategic advisor who can provide objective and professional guidance throughout each phase of the process:
1. Wrap-Up Feasibility
2. Wrap-Up Formation
3. Wrap-Up Insurance Program Design
4. Wrap-Up Project Controls
5. Warp-Up Implementation
6. Wrap-Up Administration
7. Wrap-Up Project Close-Out
C-Risk is experienced in wrap-up insurance programs and what is specifically required for structuring and managing a successful wrap-up.