Contracts/Lease Reviews Part of Our Risk Management Approach

It is commonplace for work contracts and leases on property, autos and equipment to have insurance clauses. The wording of these can be complicated, obscure and fraught with hidden liabilities for your company. Project guarantees, indemnification of other parties, material and workmanship warranties, and coverage for subcontractors can weigh against your insurance and bond limits of coverage or even violate stipulations in your insurance policies.

Leases can also contain obligations that you might think are covered by your insurance but aren’t. If you are using a temp service or rental equipment, you should have an insurance expert look at that agreement before you sign. Having an expert review could prevent you from adopting uncovered and uninsurable liabilities.

Provident Protection Plus will not only identify key insurance implications of your contracts and leases, we will suggest solutions should there be a problem. This may include adding something to an existing policy (such as additional insured status) or buying a new product; other times we suggest having the contract or lease language modified to remove some of the burdens it would place on your company.

Of course, in addition to our insurance advice, it’s important that you receive legal advise from an attorney before entering into an agreement. We will also be happy to review existing contracts to see if there are any problem areas.