Is Your Insurance Provision Meeting Its Full Potential?
It is easy to skim over contracts’ insurance provisions or simply defer to risk experts, but there are a few questions that should be considered during the next review of the insurance section of a contract, advises Morgan, Lewis & Bockius LLP.
The article by Michael L. Pillion and Jessica M. Pelliciotta discusses four such questions:
How do your indemnification and other risk allocation provisions interact with your insurance provisions?
What types of insurances and how much coverage should you require?
Will you know if there are changes to the insurance coverages?
Does your contract require the other side’s insurer to provide a waiver of subrogation?