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In many cases, when lenders make loans secured by real estate, they’ll want to ensure that the borrower has property insurance and a sufficient level of it to pay off the loan in the case of damages. These lenders rely on getting proper proof of coverage through documents called certificates of insurance (COIs) for a […]Learn More
Can You Spot a Fraudulent COI? It’s Harder Than You Think.
The world of insurance can be very confusing to anyone – especially if the individual handling Certificates of Insurance (COIs) has no insurance background or hasn’t worked with insurance documents or endorsements in the past. And unfortunately, fraudulent COIs – while not extremely common – are certainly used by subcontractors caught in difficult situations and […]Learn More
ACORD 27 Form
Long ago, before the formation of the Association for Cooperative Operations Research and Development organization, or ACORD, there was little to no standardization in the insurance industry. Every insurer essentially created its own policy forms, causing confusion and differentiation in a sector that could sorely benefit from one “correct” way to do things. Thus, a […]Learn More
You Must Verify Insurance Compliance More Than Once a Year
Every January, the insurance compliance world goes through a massive shakeup because so many annual insurance policies renew on January 1st. That means a pile of work for insurance agents, who issue the policies; for insurance buyers, who pay for the policies; and for insurance compliance specialists, who have to make sure the new policies […]Learn More
Contractor Proof of Insurance: Why It’s Important To Get It
To meet contractual obligations for a new job, industry-wide standards, and/or state requirements where they reside, contractors are typically expected to carry insurance policies. As the business hiring them, you’re not required to make sure that they are adequately protected—but you should. In our Certificate of Insurance 101 blog series, we’ve been exploring topics related […]Learn More
Commercial Insurance Certificat: Everything You Need To Know
Next up in our Certificate of Insurance 101 blog series, we explain everything you need to know about commercial insurance certificates. What Is a Commercial Insurance Certificate for Insurance Coverage? A business certificate of insurance, or COI, is a necessary insurance concept to know about. It is an official document that acts as evidence of […]Learn More