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Certificates

The Big "I" has published a white paper and a number of articles that address many of the problems faced by agents when dealing with certificates.

Be sure to check out the "Featured Resources" area of the VU for a compiliation of certification related documents.

Agency Certificate Procedures

Agencies are often asked to review contracts of insureds and/or to issue 'nonstandard' certificates. Does your agency have a standard procedure for processing certificates? If so, the VU would like to hear from you...your feedback will be added to this article. Below is some basic information, links to related articles, and the results of a survey I recently conducted with some of my agency clients.

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Beware Indemnity Agreement Agent Affidavits

All too often, agents are asked by third parties to sign an 'agent affidavit' attesting that an insured's insurance program complies with a contract the insured has signed with that party. Chances are, your customer has no idea of the difference between CGL contractual liability and an indemnity agreement. Many agents don't. Please sit down before you read this article.

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Certificate vs. Policy Limits

Your insured contractor has gotten a job where the insurance requirements include at least $1,000,000 in CGL coverage. Your insured has a $2,000,000 CGL occurrence limit. He doesn't want them to know that he has this much insurance, so he asks you to issue the certificate showing a $1,000,000 limit, as required in the contract. So, what do you show on the certificate...$1,000,000 or $2,000,000?

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Certificates of Insurance Court Cases

Courts have generally held that certificates of insurance are not contracts and, therefore, not enforceable. However, this doesn't mean that agents are insulated from lawsuits involving certificates of insurance under several legal premises. This article explores a number of court cases dealing with certificates of insurance.

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Certificates of Insurance Q&A

Recently we conducted teleconferences on certificates of insurance based on our white paper, 'Certificates of Insurance: Issues and Answers.' Following these teleconferences, we received a number of questions which, along with 'answers,' are presented on this page.

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Certificates of Insurance...What Do They Really Cost?

Is there any other nonrevenue generating agency activity that takes as much time and causes as much consternation as processing certificates of insurance and related documentation? Have you ever taken the time to calculate what certificate processing costs your agency in time and money? You might be shocked.

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Following Up on Certificates of Insurance

Many insurers don't want their agents to copy them on certificates they issue. Other carriers have expressed their intent to NOT copy certificate holders on cancellations. In some instances, even insureds don't want certificate holders notified. So, what's an agency to do? Should YOU be the one following up on all of those certificates?

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New January 2009 ACORD 25 Certificate of Insurance

It's been over 7 years since the ACORD 25 was revised, but a new version came out this month. Changes include several revisions in the Coverages section and a Disclaimer modification...not earth shattering revisions, but worth noting just to know that nothing substantive has changed.

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Providing Proof of Insurance Coverage to Lenders (Member Only Content)

Some lenders are refusing to accept the current editions of the ACORD 27 and 28 and insist that agents issue the 2003 editions of these forms. There are several reasons why agents cannot and should not do this. In this article, we'll examine those reasons. Included is a 'one-pager' you can give to your insureds and their lenders to explain why you can't comply with this request.

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