University of Toronto Financial Services / University of Toronto
Risk Management and Insurance Department
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The University has recently revised its Policy on Approval and Execution of Contracts and Documents and you can access it at:

http://www.governingcouncil.utoronto.ca/policies/Policy_on_Approval_and_Execution_of_Contracts_and_Documents.htm

The Risk Management and Insurance Department can assist with liability and other insurance provisions contained in any contract, or indemnification, hold harmless and waiver language as well. Generally speaking, indemnification refers to one party agreeing to fully reimburse the other party for claims, costs or damages arising from the contract. These clauses should be carefully scrutinized to make sure the University is not accepting an unreasonable degree of financial risk.

Insurance language generally supports an indemnity clause by transferring certain insurable elements to an independent financial guarantor, i.e. the insurance company, to ensure performance of the obligation in cases where the insurance policy will respond.

Specific questions should be referred to the Risk Management and Insurance Department. Contact John D. Kerr, Director.