The document provides guidance on reviewing contracts from an insurance perspective. It advises readers to thoroughly read contracts and highlight any mentions of additional insured status, primary insurance, hold harmless clauses, or indemnification. It explains these insurance-related terms and concepts. Several examples of claim scenarios are described to illustrate how contract language could impact insurance coverage and liability in the event of incidents at events. Readers are instructed to contact the insurance provider if any concerning contract language is found or if proof of insurance is required.
Make sure you review your own policies before presenting this information, so that you can incorporate some sorority-specific policies and resources. In addition, check out the Reviewing Contracts document (http://tinyurl.com/ykhngks) at www.mjsorority.com for further information.
The most important part of the contract review process is to read the ENTIRE contract. When we’re reviewing contracts, we read through the whole contract and then go back and highlight any concerning or confusing language
Our opinion is that each entity should purchase insurance coverage to protect themselves from claims arising out of their own negligence. The clauses sited in the previous slides create an imbalance in terms of negligence because they force your organization to take on more liability for claims that may arise that are outside the realm of your control. For this reason, we are leery when our clients sign contracts whenever problematic verbiage is included.