1-Hour Webinar: Contractual Risk Transfer and Additional Insured Status: The Inmates are Running the Asylum!
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Contractual Risk Transfer and Additional Insured Status: The Inmates are Running the Asylum!
Presenter: Chris Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS
Contractual risk transfer has nothing to do with insurance – regardless what you think. Neither does it have anything to do with additional insured status.
Want me to go on? This may shock you – the endorsed “waiver of subrogation” (an improper term) doesn’t have anything to do with contractual risk transfer or additional insured status.
In reality, these are three separate risk management methods used by one party – generally the upper tier contractor – to avoid costs associated with the actions of a lower tier contractor, to garner some level of insurance protection from another party, and to avoid out-of-pocket expenses resulting from their own actions or vicarious liability for the actions of others.
Insurance professionals often misconstrue the purpose and effect of each of these risk management mechanisms. Although these three techniques work together to accomplish a specific goal, each has a different effect on insurance.
In this 1-hour webinar session we review the purpose of these three risk management techniques and why they don’t, but in some ways do relate to each other. Attendees learn:
- How contractual risk transfer fits into or affects additional insured status;
- What protection an additional insured actually gets compared to what they think they get;
- Why the “waiver of subrogation” is still needed even when AI status is given; and
- Some of the weird additional insured requests you will see (if you haven’t already).