Nearly every business contract in use contains an indemnity provision, and businesses generally look to indemnity obligations with insurance coverage. Many indemnity provisions are overlooked, poorly drafted, or misunderstood until it is too late. However, with proper drafting, indemnity provisions can provide efficiency and predictability, manage risks that cannot be eliminated, and avoid financial losses. Similarly, when indemnity provisions are drafted to work hand-in-hand with the terms of a set of insurance policies, they can provide protection for all of the parties, even the indemnitor. When the wording does not match well with the terms of the insurance policies that the contracting parties expect to rely upon, the results can be gaps in coverage and out-of-pocket losses. In this practical webinar, you will learn how to solve these issues.
Upon course completion, you will be able to:
- Identify common types of indemnity provisions
- Define key terms and identify problematic wording
- Recognize and describe key insurance coverage provisions
- Draft basic indemnity provisions
- Determine relationships between indemnity provisions and insurance policies