HUB INTERNATIONAL INTRODUCES MULTI-INDUSTRY HUB CONTRACT REVIEW PLATFORM TO REDUCE CONTRACTURAL LIABILITY RISK

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Apr 20, 2023, 08:00 ET

New Platform Helps Identify Uninsured Exposures and Better Aligns Insurance Provisions

CHICAGO, April 20, 2023 /PRNewswire/ -- Hub International Limited (HUB), a leading global insurance brokerage, announced today the launch of HUB Contract Review, a self-service technology platform that leverages artificial intelligence and human expertise to help clients effectively manage the contract review process, and quickly identify and reduce contractual risks. More clients today are inadvertently assuming uninsured exposures or unnecessary liability that often results in large judiciary judgements that impact financial performance.

In recent years, nuclear verdicts have increased across all industries, including agribusiness, construction, healthcare, hospitality, real estate, and transportation. New business contracts can generate substantial revenue opportunities, but they can also create increased liability risk when proper contract review protocols aren't followed. Litigation from poorly negotiated contracts could result in severe financial impacts from large judicial payouts. As a result, organizations have been strengthening their contract review processes, shifting exposures and securing the insurance they need. However, they are spending more time on legal review, which can delay their response time to bid on new work.

"We are committed to not just protecting our clients from contract risks and exposures, but also facilitating proper contract review protocols to quickly and efficiently respond to new business opportunities that affect every industry HUB serves," said Chris Treanor, HUB President of Programs & Specialties. "The value of reducing risk and conversely the potential financial consequence of litigation can have a large impact for any organization."

HUB Contract Review can accelerate the contract review process so that clients can negotiate contracts quickly, safely and affordably. The AI-enabled technology can review any contract with insurance provisions to meet insurance compliance, identify adverse or missing clauses and recommend alternative language to reduce contractual risk. The review turnaround time is quick, so clients can work efficiently to meet contract provisions. The platform is available 24/7 and includes unlimited product training and technical support, as well as access to experienced insurance professionals for guidance on sifted contracts.

With HUB Contract Review, HUB continues its commitment to providing tailored insurance and risk management solutions designed to best manage its clients' risks and needs. For more information on HUB Contract Review, click here.

About Hub International
Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 16,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow. For more information, visit Hub Media Center.

NOTICE OF DISCLAIMER: HUB Contract Review is provided by third parties that are not affiliated with HUB International Limited or any of its affiliates or service providers. Neither HUB International Limited or any of its affiliates or service providers provides legal, tax or similar advice.

CONTACT:
Media: Marni Gordon
Phone: 312-279-4601
[email protected]

Jessica Wiltse
Phone: 312-596-7573
[email protected]

SOURCE Hub International Limited