Restrictions Wrap-up insurance has some restrictions. Intricate wrap-up insurance policies necessitate careful planning and coordination.
The owner of the project, general contractors, subcontractors, and insurance companies must provide input;
Because it can be challenging to coordinate coverage, secure appropriate restrictions, and manage the various stakeholders, coverage necessitates extensive collaboration.
Wrap-up insurance can be expensive given the size and high value of the projects it covers.
It’s possible that the administrative costs, as well as the premiums, deductibles, and other costs associated with purchasing and managing the insurance, will be substantial.
The project budget may need to include these higher costs because of the project’s complexity and uncertainty.
