History
Insurance wraps, also known as wrap insurance or bundled insurance, is a type of insurance product that combines multiple coverage types into one package. The concept of insurance wraps has been around for several decades, but the modern versions of these products began to emerge in the late 1990s and early 2000s.
In the 1990s, insurance companies started to recognize the need for more comprehensive insurance products that could meet the needs of businesses and individuals. This led to the development of insurance wrap products, which bundled multiple coverage types together in a single policy. These early wrap products typically included general liability, property, and workers' compensation coverage.
As insurance wraps became more popular, insurance companies began to expand the types of coverage that could be included in these products. Today, insurance wraps can include a wide range of coverage types, such as cyber liability, environmental liability, and employment practices liability. Some insurance wraps also include non-insurance services, such as risk management consulting, claims management, and loss control services.
The wrap product market has expanded to a great extent, it covers wide range of industries from construction, healthcare to retail and service providers. They are further categorized into wrapped and unwrapped products, where wrapped products have multiple coverage in one policy and unwrapped have them in separate policies.
Overall, insurance wraps have evolved significantly since they were first introduced and continue to be a popular option for businesses and individuals looking increase their value using insurance coverage.
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