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Hello, our insurance company has suggested that we have our vendors sign a Risk Transfer & Insurance Agreement to further mitigate risk around the vendor not having sufficient insurance coverage.while working on one of our projects. It basically states that the vendor and their subcontractors, will purchase and maintain certain levels of insurance coverage during the project term. We do require a COI document from all vendors that will be working on our property but only request that at the beginning of the project and then annually going forward if they will contineu to perform work for us.
Wondering if anyone in the community has heard of such an agreement, if they are using it, and if it has held up under a claim.
Thank you!