Wraps & CIPS

A Controlled Insurance Program (CIP) or “Wrap-up” is a centralized and controlled insurance, loss control and claims management program whereby all insurance and related services for the project are purchased and managed by the Owner or Contractor. The program can cover the Owner, Contractor or Project Managers and all participating contractors and subcontractors. In addition, the Owner maintains flexibility to include and exclude which contracts, as well as individual contractors or subcontractors, from the program coverage.

Owners/Contractors of these projects are developing innovative ways to decrease the cost of construction while maximizing insurance protection and making the project safer. Owner Controlled Insurance Programs are one effective answer to help achieve these goals.

The cost and complexity of large construction projects require a more sophisticated approach to controlling insurance costs and ensuring proper insurance coverages.

IOA’s Wrap consultants are leading industry known practitioners and have been engaged by entities such as the US Department of Transportation to perform full program audits, which included: coverage, enrollment, financial benchmarking and claims. They have identified over $100,000,000 in misallocated funds, in addition to IOA’s audit practice group performing audits on other National Brokers’ wrap programs. Examples are bid credit close out audits resulting in over $3,400,000 in increased credit savings for the owner and a bid credit correction on behalf of the owner in excess of $6,200,000 which led to IOA replacing the existing administrator.

The above examples are given in an effort to establish the high level of expertise provided by IOA’s Audit Practice Group. IOA audit services consist of internal audits of the program. We also perform carrier reviews to ensure accurate premium calculations and allocation. IOA can also perform reviews of the carriers handling and administration of the claims.

Administration Services

The effective administration of a wrap-up is the key element of the successful implementation and completion of a wrap-up. IOA’s very robust web based administration platform “Credit Finder” is the latest in leading technology utilized to provide interactive wrap-up applications.