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A Certificate of Insurance Falling Through the Cracks Can Cost Millions. How Do You Prevent That?
Even the most diligent risk management and certificate of insurance compliance teams are expected to make mistakes now and again. As an executive of an organization that works with subcontractors and 3rd party vendors on a frequent basis, you certainly understand this. That’s why like any good leader, you’ve implemented procedures to ensure greater control […]
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What is an Insurance Endorsement?
Followers of our blog know the importance of requiring additional insured endorsements from downstream third parties. Think of endorsements as an amendment to the standard insurance policy and additional insured is just one of many types. In this article, we provide guidance on insurance endorsements and why they are such an important part of a […]
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Get Your Team Off Your Back About COI Tracking
As you know all too well, the Certificate of Insurance (COI) is a very important document, and as someone who is tasked with tracking the certificates, you know there is a lot of pressure associated with the process. From collecting and reviewing all of the documents and policies, to following up with the subcontractors and […]
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Workers’ Compensation Doesn’t Always Cover Owners, and That Can be a Big Problem
An employee of a subcontractor accidentally gets injured on your jobsite. The subcontractor carries workers’ compensation insurance. So, is your company in the clear or do you have reason to worry? The answer might depend on the “Workers Compensation and Employers’ Liability” box of their certificate of insurance (COI). In this article, we’ll explore the […]
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Are Insurance Terms All Starting to Blur Together? You’re Not Alone.
As a COI or compliance administrator, you have a lot on your plate. The entire COI review and collection process that you go through for every 3rd party vendor or subcontractor can be simply overwhelming. And on top of that, the terms and language used in the world of insurance can be downright confusing and […]
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You Could Be Saving 30% on Insurance Tracking Costs
If your COI or compliance administrators are manually tracking insurance certificates by using accounting software and coordinating different systems with all of the 3rd party vendors and subcontractors in the pipeline, then it’s likely they are spending a significant amount of time spinning their wheels. For each COI, they have to reach out to collect, […]
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