Contract Services
Heavy Iron industry operations are contract-intensive. This section provides instructions for any user of this site to easily navigate your contract amendments via the utilization of proprietary click-thru features with this online contract administration platform. This site provides educational resource information and hosts critical contract conditions that integrate specifically with your company operations via the Incorporation by Reference of contract terms and conditions until you begin hosting the T&C and risk transfer documents to your website. As part of the Redstone underwriting process and as a Redstone insured, our 3-step Contract Risk Management Service is provided to you to help protect your interests when claims occurand includes the following elements.
STEP ONE:
Contract Analysis and Modification: The M&A legal team will analyze your contracts and provide improved risk transfer language as part of your insurance underwriting process with Redstone and your Broker. This process will include: Your contracts will undergo a risk management analysis. Updated contract language will be provided to your Insurance Broker with a copy to you, as an important part of the Heavy Iron Insurance Program for your company. You will receive a letter from M&A that explains the details of the amended contract language, in addition to other related contract administration logistics, for integration with T&C and risk transfer resource elements in this platform.
Contract Administration: Upon completion of the Contract Analysis and Modification Step, you have easy to execute instructions regarding hosting the Terms and Conditions and Compendium contract data elements:
STEP TWO:
Preferred Contract Handling Method: Your Company follows the easy-to-use instructions to host the Terms and Conditions and risk transfer documents directly on your Company’s website. This option is the preferred method to best protect your company’s interests. Step-by-step instructions for this process are available to our partners – Click Here for Instructions
STEP THREE:
Risk Transfer Implementation: As your insurance term progresses, if you incur a severity incident in your operations, this contract risk management process will revert to the ‘Redstone Post – Incident Contract Analysis’ Phase. M&A will evaluate contract terms for enforceability. This would include analysis of any Master Service Agreements and/or daily Work Tickets that were utilized. This post-incident contract analysis will immediately review any/all indemnification and insurance requirements in force, for implementation in the litigation containment steps embedded in the Redstone Rapid Response Claims Model. Redstone’s claims management team will pursue contractual risk transfer to the maximum extent possible to minimize your exposure.
Should you have any questions about this process, please contact Kevin Cunningham at kcunningham@redstoneins.com.