Expert Insurance Knowledge
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Waiting for Cancellation Notices: Are You Putting Your Company at Risk?
It’s conventional wisdom: You’re named as an additional insured on a third-party policy. The policy lapses. You get a cancellation notice and follow up to ensure compliance. Right? Don’t be so sure. In a perfect system, notice of a policy cancellation would come in before (or shortly after) the actual cancellation date. You’d have sufficient […]
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The Importance of A Signed Contract
It denotes ownership on leases. It establishes liability on doctor forms. It validates checks. And it’s arguably the most important part of any contract or written agreement: your signature. Without it, documents are difficult—if not impossible—to dispute and enforce. And when it comes to certificates of insurance (COIs), an unsigned contract means no relationship has […]
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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, […]
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Checking 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 […]
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Additional 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 […]
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Blanket 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 […]
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