Legal: Protection for rainy days
Limitation-of-liability clauses are tricky and carry great risk if not handled carefully but, drafted correctly, can provide significantly improved risk management, writes Emma Bate.
Just as taking an umbrella on a sunny day seems to ensure that the rain stays away, brokers should consider using a limitation-of-liability clause to improve their risk management and protect them against the costly consequences of unfortunate events.
Traditionally, there has been some resistance by brokers and other professionals to including these clauses in their terms of business, the principle being that professionals should accept full responsibility for their actions.
Today, limitation-of
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