Contract Review 101
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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.
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Contract Review 101
- 1. Contract Review 101 From an insurance perspective © MJ Sorority, December 2010 DISCLAIMER: Please refer to your own organization’s policies regarding contract review in addition to this information. We will only discuss concerns from an insurance perspective in this presentation.
- 2. Step 1: Read the entire contract © MJ Sorority, December 2010
- 3. © MJ Sorority, December 2010 Thoroughly read all your contracts. I really mean thoroughly. “ ”
- 5. © MJ Sorority, December 2010 Insurance language can be very overwhelming and confusing. The next few slides attempt to make contract verbiage a little less complicated.
- 8. Negligence © MJ Sorority, December 2010
- 12. Step 3: If any of the concerning verbiage from the previous slides is in the contract, contact MJ Insurance. Ruth Knauer Assistant Account Manager [email_address] Toll-Free: (888)442-7470 (ext. 7585) Direct: (317)805-7585 Via our website: www.mjsorority.com © MJ Sorority, December 2010 If you are not sure if any concerning verbiage is present in your contract, contact Ruth. She will be happy to review the contract for you.
- 14. Please contact us with any questions or suggestions you might have. © MJ Sorority, December 2010
Notes de l'éditeur
- 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.