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Title
The Basics of Contractual Risk Transfer, Additional Insureds and Certificates of Insurance
Location
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Webinar
Location Description
Start Time
11/11/2020 12:00 PM
End Time
11/11/2020 3:00 PM
All Day Event
Recurrence
Workspace
Description
Contractual risk transfer is a common risk management technique. The purpose is to push the responsibility for any injury or damage down to the party closest to and best able to control the operation or the outcome the person or entity doing the work. Upper tier contractors have the potential to be held vicariously liable for the actions of their subcontractors, so they use contractual risk transfer as one method for mitigating their exposure; that’s just good risk management. Beyond contractual risk transfer, upper tiers generally place specific insurance requirements on the lower tier (or downstream) contractor. One of these requirements is that the lower tier name the upper tier (the upstream contractor) as an Additional Insured on its policy. What affect does this have on the lower tier’s coverage? With all the contractual risk transfer and insurance requirements in place, the upper tier is going to ask for proof that the lower tier has complied with all the requirements by providing a Certificate of Insurance. The problem with certificates is all the weird and excessive wording sometimes requested or required. Should the agent comply with these requirements? In this class we discuss: The basics of contractual risk transfer; how it is accomplished and key provisions agents should look for and look out for; How Additional Insured status affects the lower tier’s policy and protection; and The do’s and don’ts of Certificates of Insurance.
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LA
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November
IAExcludeFromCalendar
No
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webinar
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Content Type:
IA_Event
Version: 1.0
Created at 10/16/2020 10:06 AM by Kathleen O'Regan
Last modified at 10/16/2020 10:06 AM by Kathleen O'Regan
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