Contract review

The risk management and insurance department can assist with liability and other insurance provisions contained in any contract or idemnification, as well as hold harmless and waiver language.

The University of Victoria is required by the province of British Columbia to have indemnities reviewed by an approving officer as outlined in the indemnity approval procedures.  Generally speaking, indemnification refers to one party agreeing to fully reimburse the other party for claims, costs or damages arising from the contract.  These clauses need to be scrutinized to make sure the university is not accepting an unreasonable degree of financial risk.

Insurance language generally supports an indemnity clause by transferring certain insurable elements to an independent financial guarantor (i.e., the insurance company) to ensure performance of the obligation in cases where the insurance policy will respond.

Specific questions should be referred to the manager, risk, insurance & continuity planning.