Expert Insurance Knowledge
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Does Your COI Compliance Staff Speak Insurance? Probably Not.
The world of COIs, endorsements and insurance in general can be very confusing and complex – even to those who are living and breathing the documents and processes every day. Insurance regulations can change on a frequent basis and most compliance staff are left out of the loop on those important updates Does your compliance […]
Learn MoreISO 2013 Language and the Implications for Additional Insureds
Court cases start showing impacts of seven-year-old insurance endorsement revisions Let’s start with a quick quiz. A subcontractor causes a loss for which the general contractor is sued. As an additional insured on the subcontractor’s policy, which of these is more important for triggering the insurer’s duty to defend the general contractor? A) The work […]
Learn MoreLoss Payee Insurance
Two terms that often confuse risk teams are “loss payee” and “additional insured.” While both can collect benefits from an insurance policy, they have different uses. In the real estate industry, too many landlords and property managers ask for loss payee status on a tenant’s general liability insurance policy when that does not best serve […]
Learn MoreCertificates of Insurance are Critical–and Complicated!
Uninsured and negligent vendors and subcontractors can injure others or property when they are on a job. They carry risks that might expose their companies to costly claims and lawsuits. Accidents can happen amid the strictest of safety protocols. Companies can mitigate this risk by requiring their third parties to have sufficient insurance coverage. How […]
Learn MoreA COI Example Can be a Great Guide—Or a Burden
A certificate of insurance for business is a crucial document that eases the worry of liability risk. Requiring a certificate of insurance for contractors and vendors is a wise decision that can influence a company’s fortunes. Companies of all sizes should take as many measures as possible to remain solvent. A certificate of liability insurance […]
Learn MoreAdditional Insured vs. Additional Interest: What’s the Difference?
Additional insured and additional interest. They sound alike but actually are quite different. These two terms often get confused. When that happens, the error can be costly. Luckily, with a little explanation, the two are easy to differentiate. Comparing Additional Insured and Additional Interest Let’s start with some basic definitions and how they apply to insurance […]
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