In the News | IMA of Texas Launches Contractual Risk Management Practice
12/22/09Expertise in Contracts Helps Businesses with Contractual Risks
The IMA Financial Group, Inc., a diversified financial services company specializing in insurance, asset and risk management with 450 employees and offices in seven markets across the nation, today announced that it established a contract management practice at IMA of Texas, one of its retail insurance brokerage subsidiary.
“Your risk management strategy is only as good as the contracts that bind it,” said George Schneller, J.D., manager of the contractual risk management practice for IMA of Texas. “We help our clients understand and mitigate the costly exposures that arise from the contracts that are a necessary part of doing business.”
Schneller’s team consults with companies to help limit and sometimes transfer their risk via contractual relationships, with a special focus on insurance requirements, indemnity provisions and other risk transfer mechanisms.
IMA of Texas has a strategic focus to provide its services to those clients that enter into contracts more frequently, such as companies in the construction, energy and healthcare industries. However, since all companies must sign contracts and are subject to contractual risks, IMA’s contractual risk management services may be available for companies in many industries.
When speaking to clients or prospects that question the necessity or the benefits of IMA’s contractual risk management services, Schneller asks the leaders of these companies to consider if they have ever:
- Signed a contract without understanding all of the terms.
- Read a contract provision that they did not like, but did not know how to address it.
- Paid for damage caused by another company because of language in a contract.
- Thought they were covered by another company’s insurance policy, but in fact were not.
- Been audited by an insurance company and required to pay additional premium because a subcontractor did not have insurance.
To inquire about IMA’s contractual risk management service, please contact George Schneller Contractual Risk and Claims Consultant at IMA of Texas, Inc. 972-581-4423 or
george.schneller@imacorp.com.