I hope that you have enjoyed the article “Supplier Insurance Best Practices, Part II.”
My goal with this article, as well as Part I and the accompanying podcast, is to give you the tools to effectively select and negotiate supplier insurance clauses independently. If I asked 100 procurement professionals “What do you do when a supplier negotiates the terms of your supplier insurance clause?” I bet I’d get 99 that would say something like “I just turn it over to the legal department because I don’t understand that stuff.”
Not the answer I’d like to see.
As the article points out, “carefully crafted supplier insurance clauses can provide more risk protection to your organization, keep your organization’s insurance claim history cleaner, and make collecting on claims less cumbersome.” Therefore, you should know what you are negotiating!
I believe that the podcast and the two articles can help you get a handle on what the terms mean, when they are and aren’t necessary, and how to handle supplier insurance situations in the real world. If you’re not well-versed in supplier insurance clauses but deal with them routinely, get on it!
To Your Career,
Charles Dominick, SPSM, SPSM2
President & Chief Procurement Officer
Next Level Purchasing, Inc.
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