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RIMS REPORT: A Common Language: Aligning Third-Party Contracts with Insurance Policies
Aug 8, 2019, 10:26 AM
Title :
RIMS REPORT: A Common Language: Aligning Third-Party Contracts with Insurance Policies
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Publish date :
Sep 28, 2017, 00:00 AM
NEW YORK (September 28, 2017) — Uncertainty about an insurance policy’s language, its limitations and exclusions can unintentionally lead organizations to enter into contractual agreements that may fail to transfer risk to a third-party, according to RIMS new Professional Report titled, “A Common Language: Aligning Third-Party Contracts with Insurance Policies.”
Authored for RIMS by Brenda Tappan of United Educators, the report defines key insurance terms that should be understood by contract reviewers, as well as common contract clauses that impact the validity of both the contract and insurance policies. Among the topics reviewed in the report are indemnification clauses, waivers of subrogation, excess and umbrella coverage and others.
“At any given time, an organization could have hundreds of contracts with external stakeholders,” said Ms. Tappan. “With in-depth knowledge of coverages held by the organization, risk professionals can play an integral role in ensuring terminology is understood and that discrepancies between third-party contracts and insurance policies are identified.”
A Common Language: Aligning Third-Party Contracts with Insurance Policies report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit www.RIMS.org.
Authored for RIMS by Brenda Tappan of United Educators, the report defines key insurance terms that should be understood by contract reviewers, as well as common contract clauses that impact the validity of both the contract and insurance policies. Among the topics reviewed in the report are indemnification clauses, waivers of subrogation, excess and umbrella coverage and others.
“At any given time, an organization could have hundreds of contracts with external stakeholders,” said Ms. Tappan. “With in-depth knowledge of coverages held by the organization, risk professionals can play an integral role in ensuring terminology is understood and that discrepancies between third-party contracts and insurance policies are identified.”
A Common Language: Aligning Third-Party Contracts with Insurance Policies report is available to RIMS Members only for the first 60-days. After the introductory period, it will become available to the broader risk management community. To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS educational opportunities, conferences and resources, visit www.RIMS.org.
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