Insurance Requirement Provisions in Commercial Contracts: Mitigating Risk, Maximizing Coverage, Indemnification
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
Commercial Law
- event Date
Thursday, December 3, 2020
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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This CLE course will guide business counsel on addressing insurance requirement provisions in commercial contracts. The panel will discuss steps to determine the appropriate type and amount of insurance coverage, critical issues with additional insured coverage, and the interplay between insurance coverage provisions and contractual indemnification.
Ms. Henry is the Chair of the firm’s Policyholder Insurance Coverage Team. She regularly advises Fortune 10 and other companies on complex insurance programs involving manuscript and specialty policies and programs incorporating various risk transfer and financing mechanisms. Ms. Henry’s practice spans all aspects of policyholder insurance coverage, from initial policy placement and renewals to claims management and litigation, both in the U.S. and abroad.
Mr. Milam practices in the areas of financial services litigation and policyholder insurance coverage. He represents policyholders in insurance coverage disputes, including title and liability insurance matters. Mr. Milam also represents mortgage lenders on a variety of claims, including unfair trade practices, wrongful foreclosure, the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Real Estate Settlement Procedures Act and the Truth in Lending Act.
Most commercial contracts require one or both parties to purchase minimum levels and types of insurance to cover the risk of any reasonably foreseeable losses. Some agreements further require that each party to the contract add the other as an additional insured under its insurance policy to maximize insurance coverage in the event of a loss.
Understanding the relationship between insurance requirement provisions, additional insured coverage, and contractual indemnification is key to maximizing coverage and managing risk.
Listen as our authoritative panel explains best practices for addressing insurance requirement provisions in commercial contracts. The panel will provide strategies for selecting the appropriate type and amount of coverage and reconciling insurance coverage with contractual indemnification.
- Determining the type and amount of insurance coverage
- Additional insured coverage
- Scope
- Contractual limitations
- Interplay of insurance provisions with indemnification
The panel will review these and other key issues:
- How can parties to commercial contracts use insurance provisions and additional insured endorsements to meet defense and indemnity obligations?
- How can counsel ensure that contractually required additional insured coverage is satisfied by the named insured's policy?
- Why is a certificate of insurance inadequate protection for the party seeking additional insured status?
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