Category: Insurance 101

Does Your COI Compliance Staff Speak Insurance? Probably Not.

August 4, 2021

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 […]

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ISO 2013 Language and the Implications for Additional Insureds

August 2, 2021

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 […]

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Loss Payee Insurance

July 7, 2021

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 […]

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Certificates of Insurance are Critical–and Complicated!

June 27, 2021

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 […]

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A COI Example Can be a Great Guide—Or a Burden

June 27, 2021

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 […]

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Additional Insured vs. Additional Interest: What’s the Difference?

June 24, 2021

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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A COI Template Will Only Take You So Far

May 17, 2021

Certificate of insurance management is a complex collection of processes and details. Collecting certificates of insurance for subcontractors can be the easy part. You have to be aware of the certificate of insurance requirements by state. You have to know what to look for on a certificate of insurance for business. If you manually track […]

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Put Away the Spreadsheets. It’s Time for COI Tracking Software.

May 11, 2021

Some companies still use spreadsheets to track the certificates of insurance (COIs) they receive from their vendors, contractors, and other third parties. Small companies that hire only a few third parties at a time might find that a COI tracking spreadsheet meets their needs. However, if these companies grow and hire more third parties, their […]

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General Contractors NEED Automated Certificate of Insurance Software

May 10, 2021

Large general contracting firms must deal with a substantial volume of certificates of insurance because they usually hire third parties. A certificate of insurance (COI) is proof that contractors own sufficient coverage, protecting the company that hired them from being held liable in the event of personal or property damage. COIs occasionally vary in complexity, […]

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