In most any business agreement, one party is required to indemnify or hold harmless the other, both by way of providing adequate insurance protection and by contractually agreeing that it will defend and indemnify the other party in the event of any claim relating to the terms of the subject agreement. Yet so many businesses simply rely on the terms of the agreement itself as its only means of protection. Too often, ICA’s experts have seen agreements, insurance contracts, and endorsements that purport to protect the Client’s business interests in a particular agreement, but merely refer to outdated and inaccurate insurance clauses or coverages that provide no or inadequate protection for the Client. ICA can provide expert insight to assure the certificates and endorsements demanded by the contractual agreements your company enters are actually protecting you as you expect they should.
ICA assists its Clients by not only reviewing and recommending certain language in the agreements before they are signed, but also by working with the Client to establish an organized program of insurance certificate management. ICA will establish for the Client an organized program of requisition and validation of accurate certificate documentation, as well as the most critical component, the insurance policy endorsements and policy review of the third party’s policies, to assure adequate protection is available from the party’s insurer from whom it was contractually promised. Customized request letters will be tailored to the Client’s needs. The Client must remember that the broker’s function in this regard is to simply deliver the certificates and endorsements, not to review and evaluate their content relative to the risk inherent in each agreement. ICA can manage the program on the Client’s behalf or train the Client’s own staff to perform all language analysis and follow up for the certificate program, based on the Client’s direction and own staffing requirements.
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