This document discusses the importance of understanding insurance requirements in contracts. It notes that contracts often require businesses to carry specific types and levels of insurance like professional indemnity, public and products liability, pollution liability, and cyber insurance. It advises readers to consult their insurance advisor before signing any contract to ensure they can meet the insurance specifications and requirements. It provides an example of a client who was able to sign a contract by working with their advisor to negotiate an increase in their insurance limits. The document stresses the importance of addressing insurance requirements proactively to avoid issues in the event of a claim.
New unfair contract terms law for small business comes in to effect 12th November 2016. This new law provides protection for small business for unfair terms in standard form contracts.
Settlement Agreements at a glance - a guide for employers. Lucy Truscott, senior associate at Kervin & Barnes, talks you through the key issues to be aware of when it comes to drafting and negotiating Settlement Agreements (formerly known as Compromise Agreements).
New unfair contract terms law for small business comes in to effect 12th November 2016. This new law provides protection for small business for unfair terms in standard form contracts.
Settlement Agreements at a glance - a guide for employers. Lucy Truscott, senior associate at Kervin & Barnes, talks you through the key issues to be aware of when it comes to drafting and negotiating Settlement Agreements (formerly known as Compromise Agreements).
Why should companies consider captive programs to address insurance needs? Alan Fine, member in charge of the captive insurance advisory services practice at Brown Smith Wallace, and Bill Goddard, principal in the captive insurance advisory services practice, discuss the August 28 Missouri captive insurance company legislation and what it changes for the formation of captives.
California Insurance Broker providing fast and easy quotes for Auto Insurance, Homeowners Insurance, Health Insurance, Life Insurance, and Business Insurance. San Francisco Insurance Agency.
Professional Indemnity Insurance Ultimate Guideakimalvora
https://blog.constructaquote.com/professional-indemnity-insurance-ultimate-guide/
Professional indemnity insurance is essential for you as a business professional or consultant as it could protect your business from legal disputes and accusations of negligence made by your clients. By having this insurance, you are protecting your business from potential claims sought from clients – making it worth the additional insurance premium.
Don't drop the ball on Contract Requirements and Performance (for Public Insu...John Bales Attorneys
This is the 'Don’t Drop the Ball on Contract Requirements and Performance' Presentation that was presented at the May 2015 FAPIA Convention. It is a visual reference that discusses Florida Statutes and administrative codes regulating public insurance adjusters’ contracts, and the Public Insurance Adjusters Services Agreement.
See the rest of our Seminars and Presentation Materials on our website: http://www.johnbales.com/resources/seminars-and-presentation-materials/
This form of insurance is fundamentally important for any firm providing consultancy or professional services. Do you receive the right advice and support from your broker? If not contact me to benefit from over 25 years experience in this specialist area.
(http://optimuminsurance.com.au/Blog/tabid/158/ArticleID/6/The-benefits-of-engaging-an-insurance-broker.aspx) - We ask you to consider the following which should help you make a better informed decision:
Before Hiring Indemnity Insurance Brokers in MelbourneLucas Colston
Fergusons Insurance brkoers useful advice can certainly help you to get the appropriate claims for your business or personal purpose. Get a hold of them and get benefitted from the expert advice.
Professional Indemnity Insurance provides cover to professionals when their advice leads to a financial loss or burden - and the client decides to sue for compensation.
A title agency licensing issue is also arch insurance policies created with the intent of protective the capitalist or owner against lawsuits or claims against a true property that arise from disputes over titles or land boundaries.
Investment Advisors & Financial Professionals | Use Your Insurance as a Marke...The 401k Study Group ®
Presented by North American Professional Liability Insurance Agency, LLC (NAPLIA). The White Paper discusses how proactively using your insurance coverage as a marketing tool will help you.
Insurance claim settlement in china by daxue consultingDaxue Consulting
With support from Asian Risks Management Services Co. Ltd. (ARMS) we are happy to share our new report on insurance claim settlement in China.
Overview of the insurance claim settlement market, Chinese insurance companies boast high claim settlements rates and quick resolutions. However, if it’s true for most insurance B2C policies, more complex insurance contracts often require longer time periods to settle and are more prone to claim failure.
Why should companies consider captive programs to address insurance needs? Alan Fine, member in charge of the captive insurance advisory services practice at Brown Smith Wallace, and Bill Goddard, principal in the captive insurance advisory services practice, discuss the August 28 Missouri captive insurance company legislation and what it changes for the formation of captives.
California Insurance Broker providing fast and easy quotes for Auto Insurance, Homeowners Insurance, Health Insurance, Life Insurance, and Business Insurance. San Francisco Insurance Agency.
Professional Indemnity Insurance Ultimate Guideakimalvora
https://blog.constructaquote.com/professional-indemnity-insurance-ultimate-guide/
Professional indemnity insurance is essential for you as a business professional or consultant as it could protect your business from legal disputes and accusations of negligence made by your clients. By having this insurance, you are protecting your business from potential claims sought from clients – making it worth the additional insurance premium.
Don't drop the ball on Contract Requirements and Performance (for Public Insu...John Bales Attorneys
This is the 'Don’t Drop the Ball on Contract Requirements and Performance' Presentation that was presented at the May 2015 FAPIA Convention. It is a visual reference that discusses Florida Statutes and administrative codes regulating public insurance adjusters’ contracts, and the Public Insurance Adjusters Services Agreement.
See the rest of our Seminars and Presentation Materials on our website: http://www.johnbales.com/resources/seminars-and-presentation-materials/
This form of insurance is fundamentally important for any firm providing consultancy or professional services. Do you receive the right advice and support from your broker? If not contact me to benefit from over 25 years experience in this specialist area.
(http://optimuminsurance.com.au/Blog/tabid/158/ArticleID/6/The-benefits-of-engaging-an-insurance-broker.aspx) - We ask you to consider the following which should help you make a better informed decision:
Before Hiring Indemnity Insurance Brokers in MelbourneLucas Colston
Fergusons Insurance brkoers useful advice can certainly help you to get the appropriate claims for your business or personal purpose. Get a hold of them and get benefitted from the expert advice.
Professional Indemnity Insurance provides cover to professionals when their advice leads to a financial loss or burden - and the client decides to sue for compensation.
A title agency licensing issue is also arch insurance policies created with the intent of protective the capitalist or owner against lawsuits or claims against a true property that arise from disputes over titles or land boundaries.
Investment Advisors & Financial Professionals | Use Your Insurance as a Marke...The 401k Study Group ®
Presented by North American Professional Liability Insurance Agency, LLC (NAPLIA). The White Paper discusses how proactively using your insurance coverage as a marketing tool will help you.
Insurance claim settlement in china by daxue consultingDaxue Consulting
With support from Asian Risks Management Services Co. Ltd. (ARMS) we are happy to share our new report on insurance claim settlement in China.
Overview of the insurance claim settlement market, Chinese insurance companies boast high claim settlements rates and quick resolutions. However, if it’s true for most insurance B2C policies, more complex insurance contracts often require longer time periods to settle and are more prone to claim failure.
Accounting services overview of insurance contract under ifrsAhmedTalaat127
The majority of accounting services in Dubai and UAE ignore insurance accounting because they are not in the insurance business. Now that there will be a new accounting standard related to insurance contracts, chartered accountants should check to make sure they aren’t erroneously issuing them.
A detailed guide to UK contractor insuranceScott Moreton
This is a detailed guide to the differnt tyoes of insurance that you may need as a UK contractor or freelancer. The guide goes into great depth and clearly explains the reasons for protecting your business.
This is a detailed guide to the different types of insurance that you may need as a UK contractor or freelancer. The guide goes into great depth and clearly explains the reasons for protecting your business.
A simple guide to professional indemnity insurance that is ideal for freelancers and contractors. Find out more at https://caunceohara.co.uk/products/professional-indemnity/
Surety Industry Overview: State of the Industry by Cissie ScogginDon Grauel
Cissie Scoggin of Liberty Mutual Insurance presented "Surety Industry Overview: State of the Industry" to the 68th Annual F. Addison Fowler Fall Seminar on October 17, 2014.
(http://optimuminsurance.com.au/ProductsServices/ProfessionalRisksInsurance/ProfessionalIndemnityInsurance.aspx) - Professional indemnity insurance policies protect an individual and/or company from claims made against them by a third party for financial compensation arising from a breach of their professional duty.It's essential protection for professional consultants who provide a service, including design and advice.
Get IT in Writing: The IT Pro's Guide to Essential ContractsInsureon
As the owner of a small tech business, you know you could be sued even if you're not at fault. Contracts can help protect you from frivolous lawsuits.
https://it.insureon.com/resources/publications/contracts
Self-Insured Retentions Part 2: An Examination of the Uses and Problems (from...NationalUnderwriter
This second and concluding part of the discussion on self-insured retentions first itemizes the points that should be
considered when either drafting or accepting SIRs. The discussion then addresses some additional problem areas not only with self-insured retentions having to do with primary liability policies, but also with the SIR feature of umbrella policies. It is not unusual, furthermore, for litigants, among others, to confuse deductibles with self-insured retentions, and there are differences, as one case discussed points out. In light of the fact that self-insured retentions also are growing, it also is important that parties to a contract are informed of their existence. To not do so, could end up with the accusation of failure to procure the proper insurance and, of course, such a breach is not covered by liability policies. It is for this reason that perhaps insurance certificates should be amended to insert room to notify (and warn) certificate holders of an SIR existence.
This article discusses the problems that may arise when a blanket additional insured endorsement is attached to the commercial general liability coverage form.
The reason for blanket additional insured endorsements for use with commercial general liability coverage forms is to eliminate the insurer’s necessity of having to issue individual endorsements (or in the insurance vernacular, scheduled endorsements). That, in fact, is the only advantage because the needs of additional insureds vary and so too, does the nature of the coverage. In other words, a blanket endorsement is not necessarily suited for all persons or organizations requiring additional insured coverage.
An erroneous point about the blanket additional insured endorsement is that it is broad in scope. That is not true! They can be broad if they are amended to fit the needs of a particular class of risks. These endorsements, however, usually are very limited. Another point about the blanket additional insured endorsement is that it will contain more verbiage than a scheduled endorsement, because underwriters will not be underwriting each additional insured request, and out of necessity, must add provisions such as a professional liability exclusion whether such an exposure exists or not.
1. October 2016ISSUE 05Advantage Risk Solutions Ltd is authorised and regulated by the
Financial Conduct Authority (FCA). Firm reference number 629688.
www.advantageuk.net
For your own protection, you need to be sure you can
comply with the terms of any contract. Common
requirements are:
Professional Indemnity which refers to your
professional advice
Public and Products Liability which refers to your
liability towards members of the public and their
property
Pollution & Contamination cover which refers to your
liability in respect of restoring damage following
instances of pollution & contamination as a result of
your work
Cyber Insurance which refers to losses relating to
damage to, or loss of information from, IT systems and
networks
EXPERT ADVICE.
WAY ABOVE THE ORDINARY.
Need to Know – Contracts
ns, renovations, and extensions
The Facts
Businesses like yours enter into contracts every day.
Contracts are vital in ensuring all parties understand what
is expected of them in order to reach the desired
outcome.
But beware
Contracts are often drawn up by your customers and,
whatever the nature of your business, may require you to
arrange and provide evidence of certain types and levels
of insurance, which you may not currently hold.
2. October 2016ISSUE 05Advantage Risk Solutions Ltd is authorised and regulated by the
Financial Conduct Authority (FCA). Firm reference number 629688.
www.advantageuk.net
Want to know more? Let’s talk:
t. 01256 483969
e. hello@advantageuk.net
Any views or opinions expressed in this briefing are for guidance only and are not intended as a substitute for appropriate professional guidance. We have taken all reasonable steps to
ensure the information contained herein is accurate at the time of writing but it should not be regarded as a complete or authoritative statement of law.
Additionally, specific limits of indemnity might be
required as well as explicit details about the length of
time policies should be in force. This is particularly
relevant to Professional Indemnity policies where cover is
arranged on a ‘claims made’ basis which necessitates
cover being in force at the time of the claim, not the time
of the incident.
What should you do?
Quite simply, seek advice!
It is not uncommon for contract terms to be negotiable if
considered unrealistic or prohibitive. Whilst your
insurance adviser is not a legal expert, they should be
able to give guidance on the insurance specifications of
contracts.
Before you sign a contract, speak to your insurance
adviser and they will advise you on the price, availability
and suitability of particular insurance requirements.
Client Story
Situation:
Company A provides services to several international
airlines. When tendering for a new client’s services, they
were sent a contract which they referred to both us and
their legal advisers.
Concern:
The Liability limit of indemnity stipulated in the contract
was $200,000,000. Their existing Liability policy carried
a limit of indemnity of £50,000,000. If not addressed this
would have left a significant shortfall in the event of a
claim and mean they would be unable to provide the
appropriate evidence of insurance necessary to meet the
contract requirements.
Resolution:
We negotiated terms for an increase in their limit of
indemnity in good time for the contract to be
progressed. The clients also negotiated a reduction in
the limit specified in the contract. This enabled the
client to sign the contract with the peace of mind that
they could comply with the contract terms and they
were appropriately protected.
If you are in any doubt as to the insurance requirements
of a contract and your ability to meet those
requirements, please get in touch.
Your protection is our business.
RELAX, WE SPEAK
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