| According to Black’s Law, a certificate of insurance (COI) is a “document evidencing the fact that an insurance policy has been written and includes a statement of the coverage of the policy in general terms.”
COIs are simply snapshots of basic policy coverages and limits at the time of issuance of the certificate and cannot modify coverages or change insurance contract terms. COI issues often arise when insurers are unwilling to provide notice to COI holders of cancellation, or when coverages in the admitted marketplace cannot meet the onerous insurance requirements of large contactors, huge corporations and governmental or public entities. Another issue? COI fraud by agents and insureds, which can include indicating coverages or conditions that don't exist so an insured subcontractor can earn payment for a construction job.
All that can often translate into myriad opportunities for E&O claims. The Big “I” Virtual University (VU) experts presented webinars on COIs in 2010 and 2012, and will provide an update on the current environment with a new webinar, Certificates of Insurance 2015 Edition, on Sept. 16. This webinar will outline:
- Where problems most often begin with client contracts
- Additional insureds
- Contractual insurance requirements: what you can and can’t do
- Additional COI issues
- Q&A session
If you have attended previous VU COI webinars, preview the full outline of the updated webinar to view new points of interest.
Don’t miss other upcoming webinars from the VU, including Cyber Risk Exposures and Insurance and Beyond the Basics: Emerging Personal Lines Issues. |
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