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Wrap around insurance from project developer

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I've not heard about this before so I thought I would ask the list. I tend to stay clear of condo and tract development projects due to the high rist of law suits that we get dragged into. I have an offer to do a two story light framed condo building upon a slab on grade here in my home town. I was called by the developer of the project who is in the Orange County California area. I told him that I don't carry E&O but I could team up with another firm if the other firm takes the lead on the project. He would still have me as the lead as I live close to the project where my associates are in the Orange County and Los Angeles areas. The client said that he had a "Wrap Around" insurance policy that protects all consultants on the job (Architect, Engineer and other subs). I've never heard about this before and am hesitant to bid the job alone.
I have two questions:
1. What is a Wrap Around insurance policy and am I protected the same as if I had E&O coverage? 2. What type of fee is fair for a condo project. I need a rough estimate and I would assume that the fee is somewhat less than I would charge for a difficult custom home which is in the neighborhood of $1.50 to $2.00 a square foot without E&O. Can you give me a ball park for a two story structure on non-expansive sand and silt soils. Structure is slab on grade and probably has a pitched tile roof.

Can you e-mail me privately as the list is filling up with issues I'd rather avoid and need a reply quickly. I do not have a set of drawings to review as yet but will have in the next few days.

Thanks in advance,
Dennis S. Wish PE
California Professional Engineer
Structural Engineering Consultant
dennis.wish(--nospam--at)verizon.net
administrator of http://www.structuralist.net/professional

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