Every contract has an insurance section but often the risk that is transferred is not well understood by the parties involved and sometimes the insurance that the contract requires is not what one of the parties has already purchased.
HGIS will ensure that the risks you assume under contract, and those that you transfer to others, and understood and properly handled. Whether the contract is for building or acquiring a plant, property, equipment; or enacting an employment contract, bidding documents, lease and rent agreement, there is a need for these documents to be reviewed.
Having professional experts to review your contracts and leases will help prevent the assumption of hidden liabilities.
How We Do It
At HGIS, we not only outline the implications of our client’s contracts and leases, but also recommend potential solutions prior to review by your own qualified legal counsel. We often find that common contracts and leases contain provisions, which put our clients at an initial disadvantage and can give you the information to substantially improve your position during negotiations.
Specifically, these are the services we provide:
- We review primary direct contracts as well as subcontracts from the standpoint of our clients’ relationship –such as;
- Identifying insurance requirements, limits, deductibles, and endorsements.
- Explaining the scope of liabilities and indemnifications provisions.
- Determining the insurance evidence required (certificates) and any associated costs.
- We help train your contract management staff to understand what insurance provisions in contracts require, why the requirements matter, and what alternatives are available should strict compliance be difficult to achieve between the parties.
- In the lease analysis, we will point out the following:
- Cost of insurance required by the lease – and its level of appropriateness’
- Deductible requirements and limitations
- Abatement provisions and obligations to maintain lease cost after the location is damaged
- Itemization of expenses for collection
- Determination of responsibilities between tenants and landlords
- Review of document wording to check on negligence issues, for example, whether the landlord or the tenant is responsible for code upgrades after a building has been damaged due to the tenants operation.
- Improvement and renovation issues
The HGIS Advantage
We offer more than insurance advice. We employ highly knowledgeable experts with solid experience working for clients in retail, manufacturing, distribution and construction as well as with non-profit / religious organizations when it comes to insurance.
Our services are not limited to insurance coverage but also include consultation on different aspects of your business with relevance to risk management and insurance. We not only showcase a wide array of insurance products but also offer services relating to risk and insurance.
It is indeed important that your contracts and leases are reviewed by experts like us before you let your ink dry and sign the documents. This way, you can be assured that there are no issues or deceptions embedded in the contract.
If you want to minimize risk exposures and other vulnerabilities in your contracts and leases, call us now so we can begin reviewing documents word-for-word. If you are in the process of changing important activities with your current business partners, let us help you experience the assurance that you can indeed alter areas of your business operations with ease.