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This is the third of five blog posts about security services contracts written by the country's leading provider of security guard company insurance
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Two months ago we asked if you need a security contract with your clients. In our opinion, the answer in general is YES. We also advised that in the event you are required to sign your client's standard form security contract, that you be on the lookout for the following key phrases:
- Indemnity, Indemnification or Hold Harmless
- Additional Insured
- Waiver of Subrogation
- OCP - Owners Contractors Protective
- Term of Agreement
Last month we examined Indemnity, Indemnification and Hold Harmless. This month we will cover Additional Insured. We will cover the remaining phrases during the next few months.
When considering a security contract ask yourself "How can I reasonably expect my employees to perform? What can I reasonably be expected to do in the event of an occurrence at my client location?" If you are concerned about your liability, you can bet your insurance company is going to have a concern as well.
Additional Insured:
In most cases, additional insured status goes hand in hand with the indemnity agreement. There are several reasons why. The most significant reason is because of the immediate impact it has on your insurance policy.
Your client may seek additional insured status under your liability insurance policy in order to protect himself - in the event the hold harmless agreement proves to be unenforceable.
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