Authors: Chris Boggs and Stuart Powell
Without using hyperbole, thousands of certificates of insurance (COIs) are issued every day, and again without hyperbole, most of them are issued improperly. In fact, your agency may have issued an improper certificate as recently as this morning.
What is it about COIs that can get an agency in trouble? If there were just one or two things, it would make your job a whole lot easier, but in reality, there are about 27 different ways a COI can get you in trouble. OK, so 27 isn't an exact number, but you get the idea.
A "simple" COI is a potentially dangerous weapon that can be used against your agency. And now, as if the COI problem wasn't enough, there's a NEW "gotcha" in town - the memoranda of coverage or memoranda of insurance.
In this 42-page Big "I" Virtual University Risk & Reality Report, authors Chris Boggs and Stuart Powell dig into the possible dangers of COIs and look at things like:
1. What is the problem with issuing a COI with no holder?
2. Should the COI include all the requested Additional Insureds
3. Who should produce the COI?
4. What wording should NEVER be used on a COI?
5. How do you handle and manage a request for a Memoranda of Coverage/Insurance?
Check out this Risk & Reality Report's Table of Contents.
What is a Big "I" Virtual University Risk & Reality Report?
Our Risk & Reality Reports are white papers adapted from various Big "I" Virtual University webinars and articles written by some of the industry's leading experts.