We all know how important E&O loss control is within the agency. However, most agents don’t attend a formal E&O loss control seminar more than once every couple of years, if that often. Now you can access valuable information about E&O loss control on a monthly basis beginning with our cataloging of over two years…
An insurer recently sent its agency force a “Good News!” bulletin advising that it was no longer necessary to send it copies of most certificates of insurance. The bulletin also pointed out that it was the responsibility of the agent to notify the certificate holder of cancellation. What should agencies do when told by a…
The line of insurance with proportionately the highest incidence of E&O claims is CGL coverage. This is probably not surprising given the broad use of this liability coverage, the complexity of exposures that it’s used for, and the number of endorsements that can be overlooked. We polled the VU faculty to see if we could…
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…
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.
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.
We get more “Ask an Expert” questions about certificates of insurance than any other single topic…there isn’t even a close second. Most recently we were asked when should you check the box under coverages for an additional insured and for what kind of coverages. In this short article, we give four considerations when identifying additional…
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…
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.
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?
