The IOA Wrap

Our Culture

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 a Wrap or CIP Client. Under the direction of the Chairman John Ritenour, Gary Smith and Chuck Carroll partner for the benefit of a total “All-In” allocation of above and beyond resources.

IOA’s Wrap consultants hold the industry’s highest designations and degrees. They have extensive experience in Construction Risk Management and WRAP programs both OCIP’s and CCIP’s. 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.

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 which 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. Owner Controlled Insurance Programs 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.

Insurance Office of America, blog
Insurance Office of America, blog
Personal Lines- Watercraft, IOA

Direct Wrap Experience and Placements

IOA’s Wrap Division 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:

Consultants
  • 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)

Audit Services

IOA’s Wrap 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 $100,000,000 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 $3,400,000 in increased credit savings for the owner and a bid credit correction on behalf of the owner in excess of $6,200,000 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’s Audit Practice Group. IOA audit 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 carriers handling and administration of the claims.

Administration Services

The effective administration of a wrap-up is the key element of the successful implementation and completion of a wrap-up. IOA’s very robust web based administration platform “Credit Finder” is the latest in leading technology utilized to provide interactive wrap-up applications.

Insurance Office of America, blog
Insurance Office of America, blog
Personal Lines- Watercraft, IOA

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 Tracking
  • Robust Reporting
  • Broker and Consulting Services:
  • Scenario Based Risk Assessment
  • Safety and Loss Prevention
  • Financial Analysis of Retentions
  • Financial Analysis of Retentions
  • Loss Development and Trending
  • Internet Plat-formed Risk Profile
  • Wrap Feasibility Studies
  • Alternative Risk and Loss Sensitive Programs Consulting and Evaluation
  • Claims and Cause of Loss Analysis
  • Insurance architecture, Program Development & Evaluation
  • Marketing, Policy, and Coverage Analysis
  • Bid Specification Development and Evaluation
  • Excess & Surplus Lines Brokering and Evaluation
  • Litigation Support Services
  • Trial Testimony
  • Deposition Support
  • Confidential Consulting and Litigation Support
  • Insurance Archaeology
  • Standard of Care Analysis
  • Contract Administration
  • Claims Review & Analysis
  • Agency Procedures
  • Market Analysis