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Advantage Talk - Need to Know (Contracts) PowerPoint PPT Presentation


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Businesses like yours enter into contracts every day. Contracts are vital in ensuring all parties understand what is expected of them in order to reach the desired outcome. http://www.advantageuk.net/

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Advantage Talk - Need to Know (Contracts)

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Advantage talk need to know contracts

EXPERT ADVICE.

WAY ABOVE THE ORDINARY.

Need to Know – Contracts

The Facts

For your own protection, you need to be sure you can

comply with the terms of any contract. Common

requirements are:

Professional Indemnity which refers to your

professional advice

Public and Products Liability which refers to your

liability towards members of the public and their

property

Pollution & Contamination cover which refers to your

liability in respect of restoring damage following

instances of pollution & contamination as a result of

your work

Cyber Insurance which refers to losses relating to

damage to, or loss of information from, IT systems and

networks

Businesses like yours enter into contracts every day.

Contracts are vital in ensuring all parties understand what

is expected of them in order to reach the desired

outcome.

But beware

Contracts are often drawn up by your customers and,

whatever the nature of your business, may require you to

arrange and provide evidence of certain types and levels

of insurance, which you may not currently hold.

Advantage Risk Solutions Ltd is authorised and regulated by the

Financial Conduct Authority (FCA). Firm reference number 629688.

www.advantageuk.net

ISSUE 05

October 2016


Advantage talk need to know contracts

RELAX, WE SPEAK

PLAIN ENGLISH

Client Story

Additionally, specific limits of indemnity might be

required as well as explicit details about the length of

time policies should be in force. This is particularly

relevant to Professional Indemnity policies where cover is

arranged on a ‘claims made’ basis which necessitates

cover being in force at the time of the claim, not the time

of the incident.

Situation:

Company A provides services to several international

airlines. When tendering for a new client’s services, they

were sent a contract which they referred to both us and

their legal advisers.

What should you do?

Concern:

Quite simply, seek advice!

The Liability limit of indemnity stipulated in the contract

was $200,000,000. Their existing Liability policy carried

a limit of indemnity of £50,000,000. If not addressed this

would have left a significant shortfall in the event of a

claim and mean they would be unable to provide the

appropriate evidence of insurance necessary to meet the

contract requirements.

It is not uncommon for contract terms to be negotiable if

considered unrealistic or prohibitive. Whilst your

insurance adviser is not a legal expert, they should be

able to give guidance on the insurance specifications of

contracts.

Before you sign a contract, speak to your insurance

adviser and they will advise you on the price, availability

and suitability of particular insurance requirements.

Resolution:

We negotiated terms for an increase in their limit of

indemnity in good time for the contract to be

progressed. The clients also negotiated a reduction in

the limit specified in the contract. This enabled the

client to sign the contract with the peace of mind that

they could comply with the contract terms and they

were appropriately protected.

If you are in any doubt as to the insurance requirements

of a contract and your ability to meet those

requirements, please get in touch.

Want to know more? Let’s talk:

t. 01256 483969

e. [email protected]

Your protection is our business.

Any views or opinions expressed in this briefing are for guidance only and are not intended as a substitute for appropriate professional guidance. We have taken all reasonable steps to

ensure the information contained herein is accurate at the time of writing but it should not be regarded as a complete or authoritative statement of law.

Advantage Risk Solutions Ltd is authorised and regulated by the

Financial Conduct Authority (FCA). Firm reference number 629688.

www.advantageuk.net

ISSUE 05

October 2016


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