wrap-up insurance business definition

An umbrella insurance policy that covers all parties involved in a particular project or series of projects. For example, an owner or general contractor may purchase wrap-up insurance for the construction of a shopping mall or an apartment building. Wrap-up insurance is relatively expensive, but the costs may be shared among covered parties. Coverage usually includes general liability, workers' compensation, employer's liability, and umbrella liability. Additional coverage, such as errors and omissions insurance, may be added.