Podcast: The Building BITE
Season 2 Episode 16: How to Identify and Rectify Bad Contract Language
Please tune in to this episode of The Building BITE Podcast as we hear from industry experts about key topics to help you be successful. The Building BITE host Mike Diercksen, CRIS, welcomes Alexis Bradshaw, SVP of Construction Casualty at Marsh in NYC.
Alexis starts by sharing her professional career and how her career journey took a unique turn, from working in political strategies and campaigns to contractors and ultimately ending up working for various Brokers throughout the construction/insurance industry. Alexis continued to learn and grow professionally and eventually found herself as an SVP within Marsh’s Construction Casualty Group. With a desire for knowledge, Alexis is passionate about educating other professionals about her industry and being a valuable resource to clients and peers.
While discussing today’s topic, Alexis leaves our listeners with some excellent takeaways regarding their contracts and some best practices:
- Don’t leave insurance coverage and negotiations to the end: You can’t assume that there is no bad contract language; it is out there! By bringing your Broker into the fold when crafting the insurance clause of the contract, you can alleviate future pitfalls. Brokers may be able to assist and offer alternative solutions to issues that would allow you to avoid further negotiations.
- You may need to negotiate at a higher level as far as risk transfer is concerned: There is value in experience, and while project teams have varying degrees of expertise, it is wise to lean on the wisdom of your trusted advisors. Bringing in your Broker and allowing them to review contract language that might be too generic will enable them to provide value and detail out project-specific needs at a higher level.
- Make sure to give your Broker the full contract: It is imperative that the Broker receive the full contract, as this will help provide additional context that enhances the Brokers impact on the process. Additionally, this will help clarify responsibilities within the contract and remove any ambiguity down the road.
To learn more about how you can better prepare your firm for the challenges ahead, listen to our full podcast episode with Alexis Bradshaw, “How to Identify and rectify bad contract language.”
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