How long before construction is scheduled to begin does the design of a Wrap-up have to begin?
A. There is no set rule. The owner should allow sufficient time to evaluate feasibility, choose a broker and provide the broker with sufficient time to develop an underwriting submission, negotiate with the insurance markets and present results. All parties then must develop the necessary procedures and manuals to support the program. Depending on insurance market conditions, the process typically takes three to six months, however, in many instances work can be accelerated to accommodate the owner or project schedule.
