KEN KIRSCHENBAUM, ESQ ALARM - SECURITY INDUSTRY LEGAL EMAIL NEWSLETTER / THE ALARM EXCHANGE You can read all of our articles on our website. Having trouble getting our emails? Change your spam controls and whitelist ken@kirschenbaumesq.com ****************************** Indemnity without insurance backup February 8, 2024 ********************** Indemnity without insurance backup *********************** Today’s message is one simple issue, but one that can sink or save your company. You need to confirm, today, that you are covered. Every Dealer with monitored accounts, monitored by a third party central station, has signed a Dealer Agreement, in one form or another. The Dealer Agreements do share a common provision, Dealer Indemnifying the central station for claims by the Dealer’s subscribers. This indemnity is likely unlimited unless you have obtained the K&K Rider to Dealer Agreement [and if you haven’t I suggest that be the next task you attend to today]. Unlimited means just that, unlimited; well perhaps limited to your entire company. How so? A personal injury claim can be many millions of dollars. A property damage claim can be many more millions. These claims can easily exceed the total value of your company, wiping you out, no matter how big your company is. You need to back-up your indemnity with insurance coverage. You need to be certain that any indemnity you have given will be covered by your insurance. Keep in mind that your indemnity covers more than just your mistakes and liability; it covers mistakes and negligence by the central station; its employees and that means central station operators. Your indemnity is covered by your insurance if you have a contractual indemnity provision in your policy or you name the central station as an additional insured. Check it out today. The next thing you need to do is make sure your indemnity is limited to your insurance coverage. That would be covered by the K&K Rider to central station Rider; that and other things you need, so get the Rider and protect your company. And while you’re at it, reduce your liability exposure, yours and your central station and other subcontractors you engage for your subscribers, by getting and using updated current Kirschenbaum Contracts™. Don’t trust rip-offs or home-made contracts; your company and your future depends on it. *********************** STANDARD FORMS Alarm / Security / Fire and related Agreements click here: www.alarmcontracts.com *************************** CONCIERGE LAWYER SERVICE PROGRAM FOR THE ALARM INDUSTRY - You can check out the program and sign up here: https://www.kirschenbaumesq.com/page/concierge or contact our Program Coordinator Stacy Spector, Esq at 516 747 6700 x 304. *********************** ALARM ARTICLES: You can always read our Articles on our website at ww.kirschenbaumesq.com/page/alarm-articles updated daily ******************** THE ALARM EXCHANGE - the alarm industries leading classified and business exchange - updated daily ************************* Wondering how much your alarm company is worth? Click here: https://www.kirschenbaumesq.com/page/what-is-my-alarm-company-worth ****************************** Getting on our Email List / Email Articles archived: Many of you are forwarding these emails to friends or asking that others be added to the list. Sign up for our daily newsletter here: Sign Up. You can read articles and order alarm contracts on our web site www.alarmcontracts.com ************************** Ken Kirschenbaum,Esq Kirschenbaum & Kirschenbaum PC Attorneys at Law 200 Garden City Plaza Garden City, NY 11530 516 747 6700 x 301 ken@kirschenbaumesq.com www.KirschenbaumEsq.com
