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PSA: Indemnity clauses in our contracts tripled our insurance premium overnight
We used to have a pretty standard clause about liability, you know, the usual stuff. Last renewal our broker showed us the before-and-after and our premium jumped from $4k to $12k a year because one client demanded we cover their legal costs for any third-party claim. We didn't even catch it until we saw the bill, it was buried on page 14 of the SOW. Has anyone else had an underwriter flag specific contract language like that?
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seanlee2h ago
Respectfully @nancybailey, missing one buried clause in a 14-page SOW doesn't mean you were asleep at the wheel, it means the other side was playing games. Sometimes clients hide the expensive stuff in plain sight hoping you won't catch it.
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