Recently, I came upon an interesting (albeit disturbing) example of how generic insurance obligation language in a contract left the Landlord without Additional Insured protection from their contractor.
In the case of Seven Up Realty vs AJ Greenwich Contracting, the contract that Seven Up had with Greenwich did not REQUIRE Greenwich
Topics: Claims Management, Claims Management Process, Contracts, Coverage Review, Insurance, Risk Management Blog, COI Compliance, risk transfer
There are industries that entail managing insurance compliance among large numbers of vendors/contractors, which challenges even the most organized firm to manage the compliance properly. If done right, it’s a process which requires diligence and specialized knowledge:
Topics: Compliance, Construction, Contracts, Coverage Review, Enterprise Risk Management, Indemnity, Real Estate & Development Risk Management, Risk Mitigation, Third-Party Risk, COI Compliance, certificate of insurance, total cost of risk analysis, total cost of risk insurance
It was not a very happy new year for Chipotle having been slapped with a shareholder class action lawsuit for “having known the fast food chain had inadequate safety practices but lied and omitted material facts in reports to stockholders".
Topics: Bodily Injury, Coverage Review, D&O, Exclusions, Exposure Review, Policy Exclusions, Risk Management Blog
Al recently authored an article, “Landlords, Risk and Insurance Buyer Beware.” The article highlights the risks landlords face with different insurance policies and multiple coverages. The article emphasizes the importance to ask questions of a qualified insurance professional on coverage, program structure, and loss of income.
Topics: Coverage Review, Enterprise Risk Management, Insurance Broker Purchase Strategies, Total Cost of Risk (TCoR)