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
A critical step of any contractual agreement between property owners and managers and their vendors (including contractors) is a careful review of the provisions affecting insurance and legal indemnification. The difference between a thoughtfully negotiated contract and one that is “off the shelf” or, even worse, none at all may be the difference between accepting liability where never intended.