Insurance
Feb. 19, 2014
Burning down the house: the trouble with wrap-up policies
The proliferation of these policies affects the rights and obligations of homeowners, developers, general contractors and subcontractors, as well as insurers. By Terry R. Bailey and Levi Plesset
In response to the increased cost of insurance for contractors involved in the construction of multi-family housing, insurers are increasingly issuing "wrap-up" liability policies with "burning limits." Their rationale is to keep insurance costs down for developers, general contractors and subcontractors. The proliferation of these policies affects the rights and obligations of homeowners, developers, genera...
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