Wrap & CIPs
IOA’s distinct culture fosters an environment whereby lead consultants partner together, further enabling IOA to commit the absolute best practice group and resources to controlled insurance program (CIP) clients), also known as wrap-ups.
IOA wrap consultants hold the industry’s highest designations and degrees. They have extensive experience in construction risk management and wrap programs—both owner-controlled insurance programs (OCIPs) and contractor-controlled insurance programs (CCIPs). They bring a wide range of resources to clients of IOA in the areas of risk management consulting, administration services, underwriting, expert witness, litigation support, contract administration, coverage design and placement.
What are 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 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. OCIPs 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.
Direct Wrap Experience & Placements
IOA consultants have provided both broker services and wrap consulting and administration as well as OCIP audit services for over 150 wrap sponsors and for such participants as:
- Bear Stadium (Chicago)
- Bobby Dodd Stadium (Georgia Tech)
- Walt Disney World
- MGM Studios
- Canaveral Port Authority
- John Gorrie Investment Group
- Dallas Airport Expansion
- Miami Federal Courthouse
- Africa/Israel Development
- MDM Development
- Metropolitan Insurance
- Packet Group
- The Big Dig
- The Venetian Hotel (Las Vegas)
- OSF Healthcare
- Aventura Isles (Miami-Falcone Development)
IOA 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 $1 million 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 $3.4 million in increased credit savings for the owner and a bid credit correction on behalf of the owner in excess of $6.2 million, 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. Our 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 carrier’s handling and administration of claims.
The effective administration of a wrap-up is the key element of successful implementation and completion of a wrap-up. IOA’s robust web-based administration platform is the latest in the leading technology utilized to provide interactive wrap-up applications.
IOA administration provides
- Administration manual
- Critical early involvement
- Pre-bid/pre-con participation and consulting
- Bid credit negotiations and counseling
- Contract and document administration
- Information Ttracking
- Robust reporting
- Broker and consulting services
- Scenario-based risk assessment
- Safety and loss prevention
- Financial analysis of retentions
- Loss development and trending
- Internet platform risk profile
- Wrap feasibility studies
- Alternative risk and loss-sensitive programs consulting and evaluation
- Claims and cause of loss analysis
- Insurance architecture, program development, and evaluation
- Marketing, policy, and coverage analysis
- Bid specification development and evaluation
- Excess and surplus lines brokering and evaluation
- Litigation support services
- Trial testimony
- Deposition support
- Confidential consulting
- Insurance archaeology
- Standard of care analysis
- Contract administration
- Claims review and analysis
- Agency procedures
- Market analysis