Why your compliance is low.

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We all know the challenges of tracking certificates of insurance and maintaining proper coverage compliance – too many moving parts, technically complex, not enough resources, not enough knowledge, or time, and so on. But wait a minute. At the end of the day, are these reasons or excuses? Is something else going on?

When we onboard new clients we often see things that explain a lot:

  1. Bad data.  We see landlords with incorrect tenant information, or trying to collect certificates of insurance from tenants long gone, no phone number, email, contact. Tough to get a certificate of insurance when you don't know who to go after... (BTW, how do they collect the rent???)
  2. No rules.  It's one thing to get a certificate of insurance, it's another thing entirely to have one that meets your coverage requirements. More than once we've heard "we're happy just to get a certificate of insurance." Did someone say "requirements"? Oh well...
  3. Lack of consistency.  We took on a large retail firm that insisted they had one set of requirements for all their Insureds. We looked at their data and saw they had dozens. It turns out each division manager was making up her own rules and the home office didn't know it. Oops...
  4. Who's in charge?  You know the story - without some being responsible, no one is accountable. Hmmm...

OK, be honest. Where do you fit? Maybe it's time for a little self-assessment. The good news is if you've got these four bases covered (more or less) you should well be on your way to implementing respectable certificate of insurance tracking procedures. If not, well, now you know what to do...

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Excellent article. I think is time for the insurance industry to evaluate the possibility that COIs should be created in a special paper with security features, most like the paper for special checks. COIs can be the difference between getting a contract or not so, it is money.

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