A — February 28 - March 13, 2014 — Mid Atlantic Real Estate Journal
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Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Publisher/Senior Account Executive ................................. Elaine Fanning Section Publisher .................................................................... Steve Kelley Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Contributing Colomnist .............................................................. Albert Sica Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockand, MA 02370 USPS #22-358 | Vol. 26 Issue 4 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
Mid Atlantic Real Estate Journal
By Albert Sica Certificate of insurance and compliance with contracts – myth or reality
O
ne of the most daunt- ing tasks in risk man- agement involves the
creation of a contract with clear and effective risk trans- fer provisions. Risk transfer protocols are complex and often left to attorneys familiar with state indemnity statutes and other compliance and regulatory provisions. It is important for the attorney and insurance advisor to work closely together, however, to: •Ensure the contract lan- guage captures the commer- cial intent of the risk being retained, and •Ensure the risk is trans- ferred in the transaction in an enforceable manner Insurance policies are com- plex. Coverage must be spe- cific, yet balanced, contingent on the size of the project or transaction, loss potential and the relative negotiation power of each of the contract parties. The larger and more complex the transaction, the greater the chance of obtain-
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
ing comprehensive insurance coverage from the counter- party adequately covering the risk. However, there is a basic coverage baseline for most industries that you can apply. Coverage should expand from that baseline. Correctlydefine the scope of services The “Scope of Services” in a contract is very important. It defines the role of the coun- terparty and helps ensure any liability arising out of that scope will provide appro- priate recourse. The drafter of the contract can use con-
tractual penalties, insurance and indemnity provisions. The counterparty must have clear and defined performance obligations in order to assess how they may have breached that duty. They would then be responsible for the resulting damages. Insurable versus uninsur- able loss exposures – what to do? Some damagesmay be insur- able while others are uninsur- able. It is important to make that distinction early and write the contract’s insurance Continued on Page 24A
Washington Crossing
The Lennox Apartments
FOR SALE
Property
Location Hatboro, PA
Units
List Price $17,500,000 $9,200,000 $6,000,000 $4,400,000 $4,100,000 $3,750,000 $3,725,000 UNPRICED $3,700,000 $3,050,000 $1,600,000 $1,050,000 $1,000,000
Livingstone &Wellington Lennox Apartments Washington Crossing
189 155 108
Philadelphia, PA (Mt. Airy)
Allentown, PA
Philadelphia (University City)
25 Apartments & 8 Retail
4445-47 Chesnut/126-36 S 45th St
Gratz Street Portfolio 1206 Walnut Street
Philadelphia, PA (Temple University) 75 Beds (Student Housing)
Philadelphia, PA (Washington Square)
8 (Mixed-Use)
Sandy Street Development Site Main Line Development Site
Montgomery County, PA
Approved for 149 Approved for 33
Gladwyne, PA
Longford Apartments Cumberland Apartments
Ambler, PA
36 60 12 24
Wilkes-Barre, PA
914, 928, & 930 E. Passyunk Ave.
Philadelphia, PA (Bella Vista)
Casi Di Amici
Chester, PA
Blumenthal Chocolate Factory
Bridesburg, PA
Industrial
607 East Passyunk Ave.
Philadelphia, PA (Queen Village)
4 (Mixed-Use)
$855,000
KenWellar, Managing Partner ken@rittenhouserealty.com
Corey Lonberger, Managing Partner corey@rittenhouserealty.com
Mark Duszak, Director mark@rittenhouserealty.com
For information on these listings and more, visit www.RittenhouseRealty.com or call (215) 454-2852
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