Expert Insurance Knowledge
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The Basics of Quarterly Tracking
No matter your industry, no matter your role, it’s rare to find someone who enjoys preparing for an audit—especially regarding the validity of certificates of insurance (COIs). And what ends up being the biggest crutch isn’t the sheer volume of certificates to locate and review, but rather that contracts aren’t compliant, have expired, are fraudulent, […]
Learn MoreChecking More Than Just Expiration Dates
It’s no secret: getting—and validating—certificates of insurance (COIs) can be a tedious process. And because of that, many people choose to check only expiration dates. However, without a review process that goes beyond expiration dates, you can’t guarantee contractual risk transfer. That means you could be in for a rude (read: expensive) awakening. Increased Risk […]
Learn MoreAdditional insured Endorsements Are Not Created Equal
Additional insured endorsements come in all shapes and sizes. There are more than 1,000 forms that can each be submitted in place of the two most common additional insured documents (CG 20 10 11 85, CG 20 37 10 01). And in every case, the language in that form—and more importantly, the interpretation of that […]
Learn MoreBlanket Provisions: The written agreement requirement
When I started in this business in the early 90s, clients and I would often discuss additional insured requirements—specifically the fact that some companies charged for additional insureds while others didn’t. It was no easy task keeping it all straight. Luckily it’s simplified today. The overwhelming majority of construction companies and larger, more sophisticated insureds […]
Learn MoreConstructing A Strong Contract
Contractual Agreements and Their Impact on Additional Insured Endorsements If you’re a project owner, developer, or general contractor, you’re well versed in working with subcontractors. But are you as confident in navigating the challenges you could face when transferring your liability risks to others? In Lockton Companies’ three-page white paper “Constructing A Strong Contract,++” two […]
Learn MoreThe Basics of Additional Insured Endorsements
We’re often asked by our clients to help them understand what an additional insured is and how to make sure they’re properly fulfilling their contract requirements and protecting their business. In its most basic form an additional insured endorsement identifies a specific third party that is covered by another company’s insurance for claims against them. […]
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