Strategies may enter into contracts with third parties, enter into partnership or reciprocity agreements, or crowd out other activities within the company. Employees with in-depth knowledge of business functions and processes are in the best position to determine what will work. Possible alternatives should be studied and submitted to management for approval and decision on the amount to be spent. Our service contract works twice. It`s like a „pre-nup“ and a will at the same time. As in the case of a pre-nup, all contingencies are defined and agreed before a crisis occurs. If or if this happens, the Guard-IT Agreement acts as a will and directs us, as an agent, to distribute the material accordingly. Guard-IT allows you to run your business with a whole new level of peace and security. Companies may wish to review their commercial insurance policies to determine whether they would cover losses resulting from suppliers` non-performance of an agreement due to COVID-19.
Policies can cover service interruptions or possible service interruptions (disruptions by suppliers). However, these guidelines often require that physical damage or direct losses occur in order for payment to take place. In addition, many policies have specific exclusions for disease outbreaks or require the purchase of additional mentions to cover claims related to sickness outbreaks. For example, venues often require companies that book their space to have cancellation insurance, but these policies generally exclude coverage for disease outbreaks. Marsh (a leading insurance broker and risk management company) clarified that COVID-19 will be considered an uninsurable act after March 31 among many of the policies it sells on behalf of airlines. Your company`s business broker can advise you if your company`s policy covers sickness outbreaks and can help you acquire this coverage if your business wants to buy it. Note, however, that the insurer probably does not have a retrodated of a policy and that the price of these policies may have increased due to the COVID-19 outbreak. Due to the downstream impact of COVID-19 worldwide, parties must review their agreements with third parties to justify debt relief, mitigation of non-compliance, or mandatory delivery.