4Sight Risk Management Strategies LLC
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Wrap Up "Strategies"



Wrap Up “Strategies”

4Sight RMS Credentials and Wrap Up Philosophy

 4Sight Risk Management Strategies LLC Wrap Up credentials include facilitating OCIP’s, CCIP’s and Co-Cip’s as a front line underwriter, a Home office approval executive, a broker and as a Contractor.  We believe that Wrap up insurance programs are an essential Risk Management “Strategy” when they are structured as a “Win-Win” for the Project Owner, the Prime Contractor and the Subcontractors.  We also believe that the primary focus of a wrap up should be providing everyone with the most comprehensive coverage, coordinating Total Project Safety and structuring the program administration such that the contractor can focus their efforts on safe construction.

Wrap Ups with 4Sight

 4Sight RMS is assisting agents and brokers who otherwise would not have endeavored to assist their clients in facilitating wrap up programs.   In many of these situations, their clients would likely have ended up being approached by a national broker to manage the wrap up! 

 4Sight CIP

4Sight RMS has developed a “Contractor and Subcontractor friendly CIP” model that considerably reduces program administration and costs, and can enhance safety and claims handling results.  Our model has been proven successful whether your client is a Contractor (CCIP), Developer or a growing company anticipating one or multiple construction projects over the next several years (OCIP).  This model may not work in every situation, but is certainly worth considering for your client.

 We also assist Wrap up sponsors in any number of additional ways.  Our “Strategies” can improve the likelihood of success of your wrap up program.  We can be a 2nd set of eyes that can make the difference between a successful Wrap Up or,…the alternative.  We review coverage forms, Wrap Up Manual, Wrap Up and insurance provisions in the Prime Contract and Subcontracts, plans for program administration, (including contracts with the program administrator) and of course Safety Plans.  After you have been working on these same documents over and over for months, it is easy to miss something that could be critical to the success of the program that a skilled 2nd set of eyes can pick up on.

If you’re client is a participant in a Wrap up:

There are many different areas that 4sight can help you help your client when they are participating in a Wrap Up, OCIP or CCIP Insurance program.  Consider some of the following,…

 In this economy, finding profitable work is a priority.  You don’t want to have to compromise sound Risk Management when you are the participant on a Wrap Up.  With a review of the program documents (Wrap Up Manual, Policy Forms – if available, Contracts, Subcontracts, and your practice policies, we can identify the critical risk managements issues as they pertain to  your company and show you how to manage your Risk without jeopardizing getting the work. 

 The Wrap Up exclusion on your client’s practice insurance policy(s) likely expose your clients to coverage gaps when they participate in a wrap up.  Warranty, punch list, offsite work are often excluded by both the Wrap up and your clients practice policy.  We can get this fixed.

Wrap Up Close Out “Strategies”

4Sight RMS Wrap up Close Out “Strategies”.  Wrap Up insurance providers often make Clerical/IT mistakes in calculating final audited wrap up premiums.  Errors in calculating premiums with claims that were not part of your Wrap Up.  Errors created in the way multi-State programs are filed.  We can provide an independent audit of the final premium determinations, and will consider basing our remuneration as a percent of the premium reductions that we identify.

 The Wrap Up is done and the building put to it’s intended use.  Now there is the Collateral to contend with.  This is an ongoing battle with the insurance provider that can last for 10+ years.   4Sight RMS may be able to eliminate the collateral requirement through a Loss Portfolio Transfer.    Or, if you want to see how the claims play out, 4Sight RMS can help keep the insurance provider’s collateral demands “reasonable”.   We have been the underwriter making the inflated demands, the broker negotiating them and the Contractor feeling the pain!

 “In order to succeed, your desire for success should be greater than your fear of failure.
Bill Cosby


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