Like the rest of the nation, Florida's building boom hit the wall in 2008. As we continue to pick our way through the rubble in 2009, an often-misunderstood insurance program is gaining favor with developers and contractors.

OCIPs (Owner-Controlled Insurance Programs) and CCIPs (Contractor-Controlled Insurance Programs) -- commonly referred to as "wrap-ups"-- occur when a construction project sponsor purchases a single set of policies for workers' compensation, umbrella/excess and general liability to cover all the entities involved in the job.

Wrap-ups are becoming more popular with project sponsors partly because the "rolling" wrap-ups that combine multiple construction projects have opened the door for more participation by owners and contractors. The single project size of $100 million no longer is the minimum threshold. George Shank, president of National Insurance Advisors and an administrator for numerous large construction wrap-up projects, said that 50 percent of the largest 100 contractors in the country are currently involved in wrap-ups. Many of these are in public sector projects, power plants, hospitals, roads, schools, shopping centers, and entertainment venues. "They are everywhere and growing," said Shank.