contract review

Before You Sign on the Dotted Line.

Contract Review

In many industries, parties entering into work agreements find insurance requirements embedded in the contract language. While business lawyers will advise you on the legality of the document, you should seek the counsel of an insurance professional for any insurance-related matters.

Contract Review as a Part of Your Risk Management Program.

Sometimes you will be asked to place a party on your policy as an additional insured. There are serious implications for your limits of coverage—the amount your insurer will pay out on a claim—if you add insureds and there is a costly claim. You could find your additional insured eating up all your coverage leaving little to pay for your costs.

In other contracts, there may be “hold harmless” agreements or indemnity clauses that conflict with your standing insurance policies. You may find other conflicts with your insurance coverage, as well. In all these cases, you could end up with some serious financial or legal problems.

At DiNicola Insurance Service, we offer a comprehensive risk management program for our clients that includes insurance, risk analysis, claims management, and loss control. Part of that service is contract review for insurance-related matters. We’ll be there to help you understand your policies and the effects your contracts have on them. Let us review your contracts before you sign on the dotted line.

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