Consultants and Advisors
Most companies and industries also engage in advisory activities or provide some form of consultancy services. In order to obtain comprehensive insurance cover for liability claims, they then need to supplement their general liability insurance with property damage insurance, which covers purely financial damage.
This is because claims that are not directly associated with material damage or personal injury are not covered by general liability insurance.
Liability insurance is a legal requirement for some business activities, while in other cases standard contracts have been developed through practice. Different industries also have different standard contracts. There are also, of course, private contracts, where liability for purely financial damages is regulated between the parties.
Söderberg & Partners' lawyers have specialist knowledge in this form of insurance, and can offer expert advice on contract design and insurance cover.
In the case of construction contracts, there is a need for specially tailored all-risk insurance cover.
When damage occurs during contract work, it is mainly the owner who suffers financially. However, the owner can transfer the financial risk to another party by, for example,
- taking out insurance and letting the insurance company bear the risk.
- agreeing with the contractor that the latter will assume responsibility for the economic consequences of any damage.
Construction contracts normally stipulate that the contractor must arrange all-risk insurance covering damage to the project as well as liability insurance covering damage to third parties. In addition, the contractor must also insure its equipment under certain contracts.
When executing a project, there is always a risk of the work causing injury to a person or damage to property nearby. Such injury or damage is normally covered by liability insurance tailored to the contractor's operations. The insurance is taken out on an annual basis or for the entire project period, including the warranty period.
Söderberg & Partners has expert insurance advisers and lawyers to help companies identify risk exposure and develop tailored insurance solutions.