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Effective Risk Transfer
Aligning Your Contracts With Insurance
Over 70% of contracts we review are not aligned with the contract of insurance, creating significant balance sheet exposure
Eliminate
Uninsured
Losses
Protect Your
Balance
Sheet
Avoid
Litigation
Expenses
Stop Wondering How Insurance Actually Works..
Companies routinely enter into multi-million dollar contracts that attempt to transfer risk through warranties and broad indemnity language but fail to consider how the insurance will work...
- Contract Negates Insurance
Language is written such that contract restricts coverage available - Inadequate Requirements
Insurance requirements are not sufficient based on exposure created - Limitation of Liability
Contracts attempt to limit the liability to contract value and not exposure created - Key Coverage Exclusions
Policy exclusions result in insurance not responding when needed
Discover how you can avoid these common contract issues by attending our next webinar
What would happen if...
- You had confidence your contracts effectively transferred risk as intended
- You knew insurance would step in to cover key indemnity risks in your contracts
- Your contractor’s liability was not limited to their contract value
- You did not have to pay out-of-pocket defense costs in the event of a dispute
- You had assurance of ongoing coverage compliance for the duration of the contract
Sign Up For Our FREE Attorney Insurance Training Class
What You Will Learn
- How To Avoid Coverage Disputes And Uninsured Claims!
Many don’t realize that when you enter a contract there is a silent party involved – the insurance carrier. Discover why your contracts are often the root cause of insurance problems, rather than your insurance policy. - How To Improve The Insurability Of Your Contracts!
When a claim arises, both parties promptly scrutinize the contract to ascertain liability for the loss. Our four-step process enhances the insurability of these contractual obligations, mitigating uninsured or underinsured events. - How To Seamlessly Implement These Enhancements!
You don't require prior insurance expertise to improve the insurability of your contracts. In a matter of minutes and with minor contract adjustments, you could potentially avoid millions of dollars in uninsured losses.
How Effective Is Your Contract Management Process?
We understand the exposures, indemnities, and obligations created by the contracts we enter?- We review insurance policies to validate there are no exclusions or language that may negate coverage required via contract?
- We maintain a unique set of insurance requirements for different third-party types based on contractual exposure?
- We actively monitor and track third-party insurance and validate that coverage required via contract is maintained upon expiry
- We review the indemnity within each contract and ensure adequate insurance is required to fund contractual liabilities
The Silent Party To Your Agreements
Contracts outline the services to be performed and then insert warranty and indemnity language that is extremely broad. Once the language is agreed to in writing, it obligates the parties to pay the expenses associated with any default – whether insured or not. While many believe their insurance will cover any financial loss, this is often not the case.
In our experience, contracts are generally drafted between the two parties entering the contract and do not consider the insurance carrier – the one who is expected to pay the claim.
Without aligning your contracts with the insurance policy language, you may unknowingly be voiding coverage, agreeing to items that are not insured, or in some cases, uninsurable. This can create significant balance sheet risk or the potential for legal disputes over who is responsible for contractual items that fall into this insurance void.
Discover how you can avoid these contract issues by attending our next webinar
About Corporate Protection Group
As advocates for insurance procurement and risk management, we provide independent advisory services to help our clients navigate the complexities of the insurance market. We guide companies by making certain that their insurance programs adequately protect their financial interests, creating a foundation for long term growth and financial success. We do not sell insurance products, nor do we receive commissions or compensation from brokers or insurers – we only work for you.
