Each day we tear our hair out when our clients call us and say they have signed a contract and need a Certificate of Insurance. The sad story isthey missed an item before they signed the contract…That was to call their Insurance Broker to review the contract for its’ Insurance requirements. Most often it includes a request to purchase additional coverages that they did not contemplate as part of the contract. Most often when we review the contract for its Insurance requirements, we are able to advise the insureds of these issues and when requested deal directly with their customer to ask for forbearance.In most instances the requirements are to have higher layers of liability insurance. Typically the contract amount is not large enough to produce a profit if you were forced to buy more insurance.
Solution… Call your current Insurance Broker and send them a copy of the contract for comment before you contractually obligate yourself to buy something that you didn’t expect nor want. This is what we do at Bone Robertson & McBride Inc.
With good health to you,