IMA of Texas Launches Contractual Risk Management Practice

Insurance and risk management services company, IMA Financial Group Inc., has established a contract management practice at its retail insurance brokerage subsidiary, IMA of Texas.

George Schneller J.D., manager of the contractual risk management practice for IMA of Texas, said the unit helps “clients understand and mitigate the costly exposures that arise from the contracts that are a necessary part of doing business.”

Schneller’s team consults with companies to help limit and sometimes transfer their risk via contractual relationships, with a special focus on insurance requirements, indemnity provisions and other risk transfer mechanisms.

Clients that enter into contracts more frequently, such as companies in the construction, energy and healthcare industries, are the unit’s target market. However, since all companies must sign contracts and are subject to contractual risks, IMA’s contractual risk management services will be available to companies in all industries.

Some of the questions asked of client company leaders include whether they have:

• Signed a contract without reading all of the terms.
• Read a contract provision that they did not like, but did not know how to fix it.
• Paid for damage caused by another company because of language in a contract.
• Had a claim denied because of how a contract was interpreted by an insurance carrier.
• Thought they were covered by another company’s insurance policy, but in fact were not.
• Been audited by an insurance company and required to pay additional premium because a subcontractor did not have insurance.

Source: The IMA Financial Group Inc. (IMA), www.imacorp.com

Topics Texas Risk Management