Contracting for Professional Services Part 2: Insurance Requirements
Member $229 | Non-Member $329
Credit
PDH Credits:1.5
Description
Professional services contracts come with their own unique challenges and strategies. Which is why we're presenting a special three-part series specifically focused on the bottom-line of engineering professional services contracts.
Join Tom Harkin and Robert Stanton for Part Two: Insurance Requirements in Contracts to explore the growing burden of insurance requirements in client-drafted contracts and how to deal with this challenge, especially considering that many requirements are not available in the insurance market or significantly increase the costs to you and overall project delivery.
TAKEAWAYS:
- Identify commonly requested insurance requirements in client-drafted contracts
- Discuss how certain requirements cannot be met because the requested limits/retentions are unattainable or the requirement is for something that is not available in the insurance marketplace
- Identify where certain requirements increase the risk to the engineer by creating guarantees of coverage
- Explain how the failure to comply with insurance requirements can affect fee collection