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Jun 08
Are You Issuing COIs Correctly?

Agents issue thousands of certificates of insurance every day—often improperly. Even the simplest COI has the potential to become a dangerous weapon against your agency. And now, there's a new monster in town: the memoranda of coverage, or memoranda of insurance.

Upper-tier contractors are beginning to discover that not much can be done with a COI to give them comfort about the coverage in the referenced polices. Some are now asking agents to complete a separate document regarding what is and is not covered in the certificated insurance policies.

Departments of insurance apparently haven't taken action on this yet—which means clients are essentially forcing agents to reduce policies to a series of checkboxes. These types of requests should always raise concerns.

On Wednesday, July 26, join Big "I" Virtual University (VU) faculty Stuart Powell and Chris Boggs for a new webinar, It's No Longer JUST the COI that Gets You in Trouble. The session will answer the following questions:

  • What's the problem with issuing a COI with no holder?
  • Should the COI include all the requested Additional Insureds?
  • Who should produce the COI?
  • What wording should never appear on a COI?
  • How do you handle and manage a request for a memoranda of coverage or insurance?

Register today to learn how to navigate the latest traps and dangers in COIs and related documents. Your webinar purchase includes the live presentation link, access to an on-demand recording and a written transcript. Consider presenting this broadcast conference-style so your entire agency staff can benefit from the information.

In the meantime, check out the VU's new COI resources page for the official Big "I" COI policy, a white paper, links to additional resources and more information on the topic. And don't miss the full 2017 VU webinar schedule and send questions to VU staff.

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