COI tracking software is an essential tool for businesses to manage and track certificates of insurance which are crucial documents that provide evidence of insurance coverage for a particular individual, entity, or property. These pieces of software make businesses more efficient all while keeping risk transferred off their plates. Some utilize AI and machine learning algorithms to analyze and categorize data, extract relevant information from certificates, and automatically update records. In those use cases, AI may be beneficial. The problem comes when AI is relied upon to make decisions.

Subrogation is an important concept in the world of insurance that allows insurance companies to seek reimbursement from a third party who may be responsible for causing damage or losses to an insured party. In short, it allows the insurance company to “step into the shoes” of the insured and pursue legal action to recover damages. In this way, subrogation helps to ensure that the ultimate financial responsibility for losses falls on the party who is legally liable for those losses, rather than the insurance company or policyholder. In some instances, waiving this right is required contractually.

It is important to pay close attention to all of your subs and vendors and what they have regarding their insurance. Newer subs and vendors (who will probably be cheaper) are more likely to have mistakes or gaps in their coverages, but this is usually due to not knowing what they don’t know yet; that doesn’t excuse the errors, but it is all the more reason to hone in on their certificates of insurance (COIs).

EV adoption has increased. In 2022 alone, registrations for electric vehicles have gone up 60% in a market where registrations in general have gone down 18%. In 2021, President Biden issued an executive order to convert most of the 380,000 federal vehicles to 0 emission vehicles by 2035.

No matter how well-run a business is, lawsuits are always possible. Commercial general liability (CGL) coverage is an essential part of any business’s risk management strategy. It offers protection from a wide range of risks, from third-party bodily injury to property damage and more.