{"id":3018,"date":"2011-02-07T15:33:00","date_gmt":"2011-02-07T15:33:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2011\/02\/07\/supplier-insurance-requirements-the-often-misunderstood-risk-management-tool\/"},"modified":"2021-07-14T05:49:43","modified_gmt":"2021-07-14T09:49:43","slug":"supplier-insurance-requirements-the-often-misunderstood-risk-management-tool","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/supplier-insurance-requirements-the-often-misunderstood-risk-management-tool\/","title":{"rendered":"Supplier Insurance Requirements &#8211; The Often Misunderstood Risk Management Tool"},"content":{"rendered":"<p>I hope that you have enjoyed the article \u201cSupplier Insurance Best Practices, Part I.\u201d<\/p>\n<p>One thing that I see over and over again is procurement professionals asking suppliers to sign contracts with absolutely inappropriate insurance requirements for the situation. What scares me most is that these procurement professionals don\u2019t even try to understand what the requirements are so that they can replace them with more appropriate requirements. Instead, they rely on their suppliers to come back and say \u201cUh, can we change this insurance requirement? It\u2019s a little ridiculous.\u201d<\/p>\n<p>Well, one of the reasons this happens is that there is such a lack of good educational information out there with regard to supplier insurance requirements. And Next Level Purchasing is in the process of changing that.<\/p>\n<p>While we already offer a course that addresses supplier insurance contract language (Supply Management Contract Writing), we are now launching some additional resources to address the finer points of supplier insurance. One is the above-linked article. Another is the extensive podcast on the topic, which I highly recommend you check out in its entirety. And, then, there will be a Part II of the article coming soon.<\/p>\n<p>Do you know what everything in the supplier insurance clause in your PO\u2019s and contracts mean and if it is appropriate for all situations? If not, you no longer have to make excuses that claim that there is a lack of available information.<\/p>\n<p class=\"p1\"><b>Recommended Reading<\/b><\/p>\n<ul class=\"ul1\">\n<li class=\"li1\"><a href=\"https:\/\/lms.nextlevelpurchasing.com\/course\/view.php?id=23\">Finance for Strategic Procurement (Advanced)<\/a><\/li>\n<li class=\"li1\"><a href=\"https:\/\/lms.nextlevelpurchasing.com\/course\/view.php?id=22\">Finance for Strategic Procurement (Fundamentals)<\/a><\/li>\n<li class=\"li1\"><a href=\"https:\/\/lms.nextlevelpurchasing.com\/\">How Procurement and Finance Can Collaborate<\/a><\/li>\n<li class=\"li1\"><a href=\"https:\/\/lms.nextlevelpurchasing.com\/\">Leveraging Procurement for Fiscal Impact<\/a><\/li>\n<\/ul>\n<p class=\"p3\"><span class=\"s1\"><a href=\"https:\/\/lms.nextlevelpurchasing.com\/\"><b>NLPA Learning<\/b><\/a><b>:<\/b>\u00a0Looking for authoritative procurement templates, tools, webinars, and more? Stop trying to create resources from scratch and start taking advantage of having exactly what you need right at your fingertips in\u00a0<a href=\"https:\/\/lms.nextlevelpurchasing.com\/\">NLPA Learning<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I hope that you have enjoyed the article \u201cSupplier Insurance [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4118,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Supplier Insurance Requirements - The Often Misunderstood Risk Management Tool - Next Level Purchasing Association (NLPA)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.certitrek.com\/nlpa\/blog\/supplier-insurance-requirements-the-often-misunderstood-risk-management-tool\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Supplier Insurance Requirements - The Often Misunderstood Risk Management Tool - Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"og:description\" content=\"I hope that you have enjoyed the article \u201cSupplier Insurance [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.certitrek.com\/nlpa\/blog\/supplier-insurance-requirements-the-often-misunderstood-risk-management-tool\/\" \/>\n<meta property=\"og:site_name\" content=\"Next Level Purchasing Association (NLPA)\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NextLevelPurchasing\/\" \/>\n<meta property=\"article:published_time\" content=\"2011-02-07T15:33:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-14T09:49:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.certitrek.com\/nlpa\/wp-content\/uploads\/sites\/5\/2020\/11\/nlpa-images-128.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1067\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Galo Matagay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:site\" content=\"@nextlevelpurch\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Galo Matagay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/supplier-insurance-requirements-the-often-misunderstood-risk-management-tool\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/blog\/supplier-insurance-requirements-the-often-misunderstood-risk-management-tool\/\"},\"author\":{\"name\":\"Galo Matagay\",\"@id\":\"https:\/\/www.certitrek.com\/nlpa\/#\/schema\/person\/72d094fab77892483dfa6e061cb27eaa\"},\"headline\":\"Supplier Insurance Requirements &#8211; 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