(1) The following definitions shall apply for purposes of this Section 17-108 only:

(a) "Public Works Project." Any construction project procured by the City; any construction project for which the City finances 50% or more of the total project costs, as by payments obligated under a lease or service agreement or otherwise; or any construction project for which City Council approval is required for any portion of the financing.

(b) "Wrap-up Insurance Pro-gram." A program under which the owner of a Public Works Project provides necessary insurance coverage for those contractors and subcontractors whose payroll (or other risk exposure basis) on the project is deemed sufficient to warrant participation in the program.

(c) "Hard Construction Costs." Materials, supplies and equipment which will become an integral part of a construction project, plus related labor costs.

(d) "Covered Public Works Project." A Public Works Project any aspect of which (including financing) requires City Council approval pursuant to a provision of the Philadelphia Home Rule Charter or other applicable law.

(2) For any Covered Public Works Project procured by the City with Hard Construction Costs in excess of $75 million, the City, through the Risk Management Division, shall create and manage a Wrap-up Insurance Program.

(3) For any Covered Public Works Project not procured by the City with Hard Construction Costs in excess of $75 million, the City, as a condition of financing its portion of project costs, or as a condition of any necessary City Council approval of financing, shall by contract require the owner of the Covered Public Works Project to create and manage a Wrap-up Insurance Program in form approved by the Risk Management Division.

(4) Waiver. If the Risk Management Division or the owner of a Covered Public Works Project believes that a Wrap-up Insurance Program is not appropriate for any particular Covered Public Works Project, it may request the Council to grant a waiver from the requirements of this Section for that particular Covered Public Works Project. Council may grant such waivers by ordinance.

(5) The City, through the Risk Management Division, may also choose to create and manage Wrap-up Insurance Programs for a City procured Public Works Project with Hard Construction Costs not in excess of $75 million, or for combinations of City procured Public Works Projects with combined Hard Construction Costs in excess of $75 million, or for a City procured Public Works Project with Hard Construction Costs in excess of $75 million that is not a Covered Public Works Project.