CertainCert Insurance Certificate Management & Tracking Blog

Avoid Urge To Modify Standard Insurance Certificate Forms

Posted by Cary White on Mon, Nov 29, 2010 @ 15:11 PM

Receive Blog eBook FREEPaint By Numbers – Avoid Urge To Modify Standard Insurance Certificate Forms

Preparing insurance certificates is not like painting by numbers.  Standard insurance certificates are not a blank canvas for you to adjust the colors and contents as you see fit.  Far too often, we have witnessed businesses, public authorities and others atempt to fashion something from standard insurance certificates that was not intended.  Dissatisfied with the information only nature of insurance certificates, some have demanded specific modifications to the standard Acord 25 form to create legal obligations for the insurers.  These atempts to circumvent the evidence-only nature of the certificate are not likely to create an actual obligation for the insurer, but are more likely to lead to unnecessary and avoidable problems and even litigation with the insured and their insurance broker.  Few insurance companies want to see 

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Topics: liability certificate, certificate of liability insurance, additional insured, waiver of subrogation, primary wording, cancellation, insurance requirements, liability insurance, insurance limits

2009 ACORD 25 - Are Your Insurance Requirements Obsolete?

Posted by Cary White on Sat, Nov 27, 2010 @ 19:11 PM

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Are Your Insurance Requirements Obsolete?Reviewing a number of issues on the web, I came across a post from David Sullivan, Risk Managers, LLC, in LinkedIn Answers. The changes in the 2009 ACORD 25 have happened. ACORD has discontinued use of previous versions of the ACORD 25 form. Use of previous versions of the ACORD 25 may lead to violation of user licenses with ACORD. While past form changes encouraged by ISO about additional insured endorsements and other issues were slow to be adopted or were ignored, the radical changes in the 2009 ACORD 25 should encourage everyone to review their insurance requirements again from the ground up.  Everyone should carefully review 

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Topics: insurance management software, insurance tracking, liability certificate, certificate of liability insurance, insurance certificates, insurance certificate tracking, additional insured, waiver of subrogation, primary wording, insurance requirements, liability insurance, insurance limits

Risk Profiles and Insurance Certificate Tracking Software

Posted by Cary White on Sun, Nov 21, 2010 @ 03:11 AM

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Insurance Certificate Risk ProfilesYour business likely depends on one or more other businesses.  It is also likely that your business depends on more than one type of business partner.  Risk profiles are the specific insurance requirements for each type of business you may work with that are unique to that trade, location or other necessary sorting category.  Common reasons for risk profiles include but are not limited to: different coverage requirements, different limit requirements, different coverage periods, different locations.  Insurance certificate management software is essential to manage and keep track of these differences.

Commercial Real Estate Developers

Commercial real estate developers rely on architects, engineers, and other professionals as well as contractors, subcontractors and their suppliers.  

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Topics: insurance management software, insurance tracking, certificate of liability insurance, insurance certificates, insurance certificate tracking, real estate property owner insruance requirements, insurance requirements, lender insurance requirements, risk profiles, real estate developer insurance requirements

Franchisee Essential Insurance Certificate Compliance Considerations

Posted by Cary White on Thu, Nov 18, 2010 @ 15:11 PM

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Franchises have special risk transfer needs and care should be taken to ensure that everyone is protected as they intend to be.  The essential questions are:

  1. Who is protecting whom?
  2. What protection is desired?
  3. How is that protection evaluated?
  4. What are your procedures to follow up when deficiencies arise?
  5. Who is verifying compliance? (in-house or out-sourced)

Open For Business – Insurance Certificate Compliance Issues For FranchisesCost and ease of use are factors, but scope and quality are also essential.  Ignoring or avoiding the problem is no solution. Whether you choose to go it alone, use insurance certificate compliance software, use an internet based insurance certificate compliance tool, or outsource insurance certificate compliance to your insurance broker or a third party, find a comprehensive solution that will work best for you.

Depending on the franchise business, there are many risks including:  

 

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Topics: insurance management software, insurance tracking, liability certificate, certificate of liability insurance, insurance certificates, insurance certificate tracking, additional insured, primary wording, cancellation, insurance requirements, liability insurance, insurance limits, Insurance Certificate Request Letter

Insurance Certificate Compliance Letters & CertainCert

Posted by Cary White on Wed, Nov 17, 2010 @ 15:11 PM

Receive Blog eBook FREEInsurance Certificate Compliance Letters   CertainCertClear and frequent communication is essential for successful insurance certificate management.  Insurance certificate management software simplifies insurance certificate compliance letters and compliance.  CertainCert has automated the creation of custom insurance certificate compliance letters for your use.  Use of these simple letters speeds communication of your insurance requirements, deficiencies when they occur, requests for renewal certificates when required.  CertainCert insurance certificate compliance letters include:

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Topics: insurance management software, insurance tracking, liability certificate, certificate of liability insurance, insurance certificates, insurance certificate tracking, additional insured, waiver of subrogation, primary wording, cancellation, insurance requirements, liability insurance, insurance limits, Insurance Certificate Request Letter

All Additional Insured Endorsements Are Not The Same

Posted by Cary White on Tue, Nov 16, 2010 @ 15:11 PM

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Are All Additional Insured Endorsements The Same?Time and again we witness efforts to find a simple excel spreadsheet or other software to manage insurance certificates for one type of business or another. Sadly, most of these discussions focus on who the insured is and the expiration dates of that insured's coverage. Insurance certificate management is much more. There are many pitfalls ad hoc solutions generally do not address, including but not limited to:

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Topics: insurance management software, insurance tracking, liability certificate, insurance certificates, insurance certificate tracking, additional insured, primary wording, insurance requirements, liability insurance, Insurance Certificate Request Letter

Insurance Certificate Tracking Considerations - Liability Insurance

Posted by Cary White on Fri, Nov 12, 2010 @ 18:11 PM

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Liability Insurance Limits A Balancing ActInsurance certificate tracking starts with a number of essential understandings and decisions. One of these decisions is the insurance limits you require as a certificate holder. Understanding that you may have more than one risk profile and likewise more than one set of insurance limits, the right insurance limits for your contract insurance requirements starts with an evaluation of your own insurance limits.

There are essentially, six factors to weigh:

1. Third Party Insurance Requirements

Regardless of your business size or industry, most businesses face insurance requirements from third parties. Such parties vary industry to industry, but can be broken down into several basic categories:

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Topics: insurance management software, insurance tracking, liability certificate, certificate of liability insurance, insurance certificates, insurance certificate tracking, insurance requirements, liability insurance, insurance limits

8 Contract Insurance Requirement Essentials For Certificate Tracking

Posted by Cary White on Thu, Nov 11, 2010 @ 15:11 PM

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8 Contract Insurance Requirement EssentialsSuccessful insurance certificate management starts with solid contract insurance requirements. Review each of these eight contract insurance requirement essentials against your current insurance requirements and make changes as necessary to better ensure the effectiveness of your future risk transfer efforts:

1. Your requirements must be written

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Topics: insurance management software, insurance tracking, liability certificate, certificate of liability insurance, insurance certificates, insurance certificate tracking, insurance requirements, Enterprise Risk Management

Insurance Certificate Notice of Cancellation Conundrum

Posted by Cary White on Wed, Nov 10, 2010 @ 15:11 PM

Receive Blog eBook FREEACORD 25 - Old Cancellation Language

Many certificate holders want 30 or more days notice of cancellation in the event of cancellation of the coverage listed on a certificate. Such notice is entirely understandable. Every insurance certificate is only a record of the insurance purchased by the named insured when the coverage was bound (as of the effective date). It is entirely possible that a certificate holder may request, receive and accept a valid insurance certificate only to find out later that the coverage had been subsequently cancelled or the insurance limits had been eroded or exhausted by a claim.

Certificate holders that want notice of cancellation generally specify such notice in their insurance requirements. Traditionally, most have relied on the cancellation clause on the ACORD 25. Many have also requested amendments to the standard cancellation clause despite the fact that the old ACORD 25 certificate of liability insurance clearly stated that it was a matter of information only and did not endorse, amend, or altered the terms of the insurance policies on the certificate.

Prior to the ACORD 25 2009, the ACORD 25 cancellation language was confusing: 

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Topics: liability certificate, certificate of liability insurance, insurance certificates, insurance certificate tracking, cancellation

An Insurance Certificate Is NOT An Insurance Policy!

Posted by Cary White on Tue, Nov 09, 2010 @ 15:11 PM

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Insurance Certificates Are Not Insurance PoliciesInsurance certificates are not insurance policies. Every insurance certificate is brief summary of the insurance policies listed for the reference convenience of the certificate holder. Each certificate of insurance generally includes the coverage type, the policy number, the policy effective date, the policy expiration date, the policy limits and the insurance company providing the coverage. Each certificate also states the name of the insured and the certificate holder.

Frequently, we see contract insurance requirements that specify lengthy custom language to be inserted in the desciption field.  This language can be a problem for everyone.  

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Topics: liability certificate, certificate of liability insurance, insurance certificates, additional insured, waiver of subrogation, primary wording