According to Doug Strong, Chief Underwriting Officer of XL Catlin’s Design Professional business, “A good contract is the cornerstone of a solid risk management program. By clearly and realistically defining the expectations and responsibilities of each party, a professional services agreement can significantly reduce the potential for conflicts and claims. That’s why so many design professionals see value in our Contract eGuide and why we remain committed to frequently updating the content. We’re pleased to be able to offer a sample of our contract guidance to the design professional community via our Professional Services Agreements: A Primer containing the introductory chapters of the Contract eGuide.”
While the full Contract eGuide is provided only to the XL Catlin insurance companies’ policyholders, the first nine chapters, or Primer, are available to all design professionals interested in strengthening their contract knowledge. It provides a high-level summary of the foundational concepts design professionals need to understand in order to develop, negotiate and execute equitable contracts including:
1. Contract Basics
2. Dealing with Risk
3. Deal Makers and Deal Breakers
4. How to Review a Client-Generated Contract
5. Negotiating a Contract
6. Professional Association Standard Agreements
7. Resources for Contract Review
8. Types of Agreements You’ll Encounter
9. Why Have a Written Agreement?
The Contract eGuide is known as the industry's gold standard by many architects, engineers and their attorneys and covers more than 100 topics of issue-driven discussions, claims scenarios, problem-solving strategies and contract language solutions. Those interested can “take a tour” of the eGuide on XL Catlin’s Design Professional website.
XL Catlin’s Design Professional business provides professional liability insurance for architects, engineers and design consultants. Coverage is available for firms of all sizes and disciplines. XL Catlin’s design professional coverage is accompanied by a variety of loss prevention assistance and risk management assistance including continuing education courses and access to XL Catlin’s Contract eGuide.
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About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd.’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.