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Contract Review

Helping you check the fine print.

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Spotlight on: Contract Review

Contractual risks exist in virtually every business document, and your assumption of liabilities is often masked in a variety of obligations. 

While it may seem like a task for your lawyer, contract review by an insurance professional is essential to mitigating your risk and protecting your business in the event of a loss. We help by examining the liability you assume in your business agreements and advising how to avoid, lessen and transfer it by changing contract language or your insurance coverage.

While an attorney will advise you on the legality of your business agreements, Higginbotham examines the contract language from a risk management and insurance perspective to help make sure you’re covered for every liability you’re assuming.

Identify Exposures

When reviewing the insurance provisions of your contracts, we look at:

The type and location of work your company may be expected to perform

The indemnity and whether an anti-indemnity statute might apply to the type of work your company performs (e.g. construction, energy, transportation)

The risks transferred or assumed by your company and potential conflicts with the insurance coverage

The most common contract deficiencies we identify are:

Indemnities that are against public policy or violate state anti-indemnity acts

Risks that should be supported by insurance, but are not based on insurance requirements in the contract.

Additional insured requirements that conflict with the indemnification requirements

Insurance requirements that are outdated and can result in added risk

Waiver of Subrogation provisions that expose your balance sheet and assets

Assumption of liabilities that aren’t insured, but for which you’re self-insuring

Explain Issues

We help you understand the concerns we identify in your contracts by providing a written summary with consultation. Our thorough summary provides:

  • An explanation of the type of risk transfer in your contract
  • Applicable anti-indemnity statutes and the likelihood the indemnity will be enforceable in the event of a claim
  • Conflicts between the intent of the indemnity and the insurance requirements
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Provide Solutions

You can’t always prevent a claim from occurring, but you can be more aware of your potential financial liability in the event of a loss. Along with the explanations in our written summary, we provide generic sample provisions to control your exposure and help you transfer as much risk as possible under the law and the industry standard.

Equally important as seeking legal or accounting advice, our work provides you with tools to make informed decisions about accepting risk in your contracts, transactions and operations, and it helps you understand which risks can be insured and which cannot.

With our seasoned team of contract analysts standing in your corner, you can rest easy knowing you’re working with some of the best in the business.

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