Wrap-Up Bid Credit Tracking
One of the big advantages of implementing a Wrap-Up insurance program is the potential cost savings generated from the bid credits from each contractor and subcontractor when they remove insurance costs from their bids. To ensure you achieve the full potential cost savings of implementing a Wrap-Up or OCIP, BuildersWrap Administrators will solicit, audit and track these bid credits for each enrolled participant.
The Bid Credit Tracking module in Safe Site 360, our web-based administration system, provides real-time reporting including a detailed breakdown at the contract level for the on the insurance premiums accumulated for contractors and their sub-contractors.
 
The rate basis for each calculated coverage premium is readily available for review along with scanned copies of the actual signed worksheet submitted by the contractor.
 
We will review each submitted bid credit and if necessary, challenge the adequacy of the amount submitted. We will also track any Change Orders to secure additional contract credits where appropriate.
When work on a specific contract is completed, we will audit and close out each enrolled contractor to determine the final bid credit.
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