The Importance of Contracts
The Importance of Contracts
Bob Dietzel, co-founder and Managing Partner of KMRD Partners,
recently spoke to the Philadelphia Chapter of the National Contract Management Association (“NCMA”) about the importance of contracts in transferring risk, claims and insurance coverage.
“Contracts are a critical component of a risk management strategy. A well-written contract is the least expensive way to transfer risk. Most every lawsuit and subsequent insurance claim involving a commercial operation is impacted by a contract. Therefore it is critical for everyone to understand how each party’s insurance program supports the provisions of your contracts,” according to Dietzel.
At KMRD Partners our primary goal is to help protect our insureds’ assets by reducing the overall cost of risk. Well-written contracts can be an important step towards achieving this goal.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your insurance contact us at contactus@kmrdpartners.com before one minute from normal strikes your company.
