In basic terms, a residential Wrap policy is nothing more than a standard commercial general liability policy modified to cover the developer, the general contractor and all subcontractors involved at the project site. This policy is further modified to provide up to three years of Premises/Operations coverage (the time allowed to complete the project) and Completed Operations coverage for all of these participants through the applicable Statute of Repose in the state in which the project is being built. This solves the insurance problem for the general contractor and the trade contractors and allows the developer to pick the construction team best suited for their project.
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