Which policy covers all parties involved under one unified insurance approach, purchased by the owner?

The wrap-up policy is designed to cover all parties involved in a construction project under a single insurance policy purchased by the project owner. This approach streamlines coverage for various stakeholders, including the owner, contractors, and subcontractors, thus simplifying the claims process and potentially reducing insurance costs.

By providing comprehensive protection against risks such as bodily injury, property damage, and other liabilities within the scope of the project, a wrap-up policy ensures that all involved parties are adequately protected without needing multiple separate insurance policies. This unified approach also fosters collaboration among the parties since everyone is working under the same insurance terms, which can lead to better safety practices and enhanced communication.

In contrast, a general liability policy typically covers specific entities, often leaving gaps in coverage for subcontractors on a project. Contractor insurance generally refers to various types of insurance policies that contractors may have, which do not offer the same comprehensive coverage for multiple parties under one policy. The builder's risk policy, on the other hand, specifically protects against property damage to a construction project but does not provide liability coverage for the parties involved.