Is Your Insurance Compliance Fact or Fiction?
Let’s be honest—obtaining clarity on both a contract and the related insurance compliance has turned into one of the most daunting tasks for “upstream” parties like landlords, owners, and operators. When reviewing vendor contracts, are you confident that your insurance compliance is fact, or are you relying on fiction? Here are five key points to consider when verifying whether your insurance compliance is airtight or just wishful thinking: 1. Contract Clarity: Fiction or Reality? If the contract with your counterparty isn’t clear, you could be setting yourself up for a nightmare down the road. A legitimate, fact-based contract should include commercially reasonable insurance terms and limits that protect your interests.