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Read. Learn. Win.

Getting Started
  • Martin Mick
  • 22 April 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Blockchain and proof of insurance - Part III

At the annual RIMS conference held in San Antonio this past week, insurance broker giant Marsh announced it will begin testing the use of blockchain technology later this year with its client, ISN.

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Getting Started
  • Martin Mick
  • 15 April 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Choosing an insurance compliance vendor - Part III - Transparency

We know of a situation where a large retail chain was unable to determine whether the company it had hired to track certificate of insurances was doing its job.

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Getting Started
  • Martin Mick
  • 8 April 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Choosing an insurance compliance vendor - Part II - Security

Did you just hear that loud crunching noise? That was the sound of another Chief Security Officer clamping down on the security protocols of its vendors.

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Getting Started
  • Martin Mick
  • 1 April 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Choosing an insurance compliance vendor - Part I - Expertise

It is not surprising you may wish to consider off-loading the task of insurance compliance verification and management. The work is challenging, never-ending and thankless.

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Risk Management
  • Martin Mick
  • 25 March 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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The true risk of false security

As we all have learned - often the hard way - things aren't always what they seem. In other words, perception isn't always reality. In fact, sometimes it can be just the opposite.

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Risk Management
  • Martin Mick
  • 11 March 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Contract audit and certificates of insurance

The importance of ensuring tenant/vendor insurance coverages are in alignment with the contract cannot be overstated. Failure to properly manage this essential component of risk management can result in claims liability reverting back to you instead of the other way around.

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COI Essentials
  • Martin Mick
  • 4 March 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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The certificate of insurance value chain

Remember Maslow's hierarchy of needs? That was from the psychology course you skipped over, the one where the most basic and important human needs are at the top of the pyramid and less important needs follow below.

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Technology
  • Martin Mick
  • 25 February 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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The insurance tsunami – AI isn't what you think it is

A succession of technical advances is propelling the insurance industry into a new era at a rate faster than can be understood, much less absorbed, in an orderly way.

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Risk Management
  • Martin Mick
  • 18 February 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Insurance policy endorsements are a COI's best friend

In the world of service providers who track and manage certificates of insurance on behalf of others, it is commonly held that more than 70% of COIs do not meet the insurance coverage requirements stipulated in the contract.

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Risk Management
  • Martin Mick
  • 11 February 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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GDPR - Are you ready?

General Data Protection Regulation. Raise your hand if you've even heard of it. Don't feel badly, a recent survey indicates less than 50% of businesses that will be affected by it are even aware of its existence.

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COI Essentials
  • Kenneth M. Gorenberg
  • 4 February 2018
  • Kenneth M. Gorenberg is a partner in the Chicago office of Barnes & Thornburg LLP
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COI Essentials
  • Martin Mick
  • 28 January 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Primary and noncontributory – can we all be number one?

It is natural, some might even argue necessary, to think of ourselves as primary, as number one, both in our personal and professional relationships. But where do you stand in your insurance relationships?

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Risk Management
  • Martin Mick
  • 21 January 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Rethinking third-party contractual compliance – Part IV

Third-party risk is the cause of much unease, not only to the risk manager but in the C-suite and the boardroom. And no wonder...

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Risk Management
  • Martin Mick
  • 14 January 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Risk – the good, the bad and the necessary

Here's a seemingly simple question – Is risk good or bad?

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Risk Management
  • Martin Mick
  • 7 January 2018
  • Martin Mick is the co-founder and CEO of Docutrax.
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Supply chain risk management - are you prepared?

The smooth and orderly movement of goods and services from inception to end point is an integral part of business success.

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COI Essentials
  • Martin Mick
  • 17 December 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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10 COI risk management resolutions for the new year

Every week we cajole, lecture (and perhaps sometimes gently badger) you, our loyal readers, with an endless variety of instructions ...

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Process Improvement
  • Martin Mick
  • 10 December 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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A holistic approach to third-party risk management– Part III

Relationships between the organization and third-party service providers are commonly decentralized and are typically formed on an ad-hoc, as-needed basis.

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Process Improvement
  • Martin Mick
  • 3 December 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Why your compliance is low - again.

We all know the challenges of tracking certificates of insurance and maintaining proper coverage compliance – lots of 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?

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Risk Management
  • Martin Mick
  • 26 November 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Third-party risk management, Part II - Reputation risk

Regardless of the nature of the exposure from any third-party risk, the even larger risk of brand damage is ever present - and it can happen in an instant. Like raising your children, you cannot afford to blink.

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Risk Management
  • Martin Mick
  • 19 November 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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The third-party risk management ecosystem – Part I

John Donne may have been onto something when he observed "no man is an island entire of itself" but...

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Risk Management
  • Martin Mick
  • 12 November 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Four must-haves for 21st century risk management

Whether you are focused on improving vendor risk management practices, tracking certificates of insurance or coping with the burgeoning requirements of GRC...

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COI Essentials
  • Kenneth Gorenberg, Esq.
  • 5 November 2017
  • Kenneth M. Gorenberg is a partner in the Chicago office of Barnes & Thornburg LLP
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Four things to know about certificates of insurance

One day, you're asked to provide a Certificate of Insurance (COI) to someone with whom you're doing business. The next day, you request a COI from another business.

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Risk Management
  • Martin Mick
  • 29 October 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Construction worker safety added to risk manager responsibilities

The statistic is disturbing – 32 deaths in as many months in New York City related to construction worker injuries or falls from buildings.

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Risk Management
  • Martin Mick
  • 22 October 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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The four keys to successful risk transfer

One of the most fundamental goals of any risk management program is to control risk through transference of liability away from you and onto another entity.

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Risk Management
  • Martin Mick
  • 15 October 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Certificates of insurance are just the start

A great deal of emphasis is placed on the need to collect, verify and track certificates of insurance in order to reduce risk associated with the actions of third-parties.

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Risk Management
  • Martin Mick
  • 8 October 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Las Vegas - the risk management nightmare

It is ironic that there was an insurance industry conference held in Las Vegas this past week, one that began less than a day after the horror that occurred two miles south of where we convened.

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Technology
  • Martin Mick
  • 1 October 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Insurance technology - the next next thing

For those investors and visionaries with their sights on tomorrow, look no further than the burgeoning field of tech startups focused on making over one of the last major holdouts to embrace 21st century innovation and imagination.

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Risk Management
  • Martin Mick
  • 24 September 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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When the unexpected happens it's already too late

Harvey. Irma. Maria. Three names that strike dread in the minds of too many risk managers.

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Risk Management
  • Rich Hogan and Martin Mick
  • 17 September 2017
  • Rich Hogan is CEO of White Owl Information Governance Solutions
    Martin Mick is the co-founder and CEO of Docutrax.
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The weak link in risk management

Cybersecurity is top of mind for a lot of people this week, not least the 143 million Americans affected by the massive Equifax breach of their personal information.

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Risk Management
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You think I need an insurance compliance system?

Companies spend millions of dollars on professional fees drafting contracts for tenants and vendors. Virtually all of them contain language specifically related to the type and extent of insurance coverage required. The deal is signed, the work begun (or the tenant moves in) and then...what? Did anyone bother to check if the terms of the agreement were actually met?

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COI Essentials
  • Michael Hale
  • 3 September 2017
  • He has more than 20 years of experience in the insurance industry as a broker and attorney and has represented both insurers and policyholders in coverage-related matters. He can be reached at [email protected] or (248) 321-8941.
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Insurance issues in contracts and leases

Sometimes attorneys are expected to be all things to all people. As stalwarts for protecting clients, they often are expected to have uncanny knowledge of other industries such as property and casualty insurance. This is no easy feat...

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COI Essentials
  • Susan Laurits
  • 27 August 2017
  • Susan Laurits, formerly with Munich Re, reports regularly on contemporary insurance topics.
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Rolling Stones concert leads to insurance compliance lawsuit

You can't always get what you want, but when it comes to proper insurance you better get what you need. OK, they really didn't sing that, but it was heard in Judge Jane Magnus-Stinson's courtroom. Ruling on a motion to dismiss, the Chief Judge of Indiana's Southern District reminded all parties to the action of this fact, and in a moment of legal levity incorporated the band's song lyrics into her ruling.

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Risk Control
  • Martin Mick
  • 20 August 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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The hidden benefits of tracking certificates of insurance

We tend to naturally avoid, or at least delay, doing those things we would rather not, and the process of creating and managing an insurance compliance program might certainly be one example looked upon with fear and loathing by risk managers.

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Technology
  • David Stewart
  • 6 August 2017
  • David Stewart is the National Account Manager for the Pacific Region of Docutrax.
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Certificate of insurance management - Pulling it all together

Whether you're leasing property, hiring a contractor or signing on a new vendor, there are basically three "insurance" components that come into play:

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Technology
  • Martin Mick
  • 30 July 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Blockchain and the insurance industry - Part II

If interest in insurance technology (InsureTech) is a hot topic, no area of it is hotter than the rapidly burgeoning interest in the application of blockchain technology to the insurance industry at large.

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Risk Management
  • Martin Mick
  • 23 July 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Certificates of insurance - the new profit center?

As any manager can tell you, it's not just government that has budgetary constraints imposed on purchases. And as important as it is to verify insurance compliance of your tenants, vendors and suppliers, it doesn't come free.

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Agents and Brokers
  • Martin Mick
  • 16 July 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Insurance agencies and certificates of insurance

It goes almost without saying that handling requests related to certificates of insurance (COIs) are a vexing task for the insurance agency.

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COI Essentials
  • Martin Mick
  • 2 July 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Insurance Endorsements – one more piece of the COI puzzle

The choice of documentation available to the risk manager to ascertain insurance coverage represented by contractors, vendors or tenants (the Insured) is considerable. It can range from requesting a certificate of insurance to collection of the actual insurance policy of the Insured.

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Risk Assessment
  • Martin Mick
  • 25 June 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Pollution Liability – Clean up your certificates of insurance!

I swear this is true: A friend of mine is an environmental engineer. His firm specializes in cleaning up contaminated land. Long ago his company worked with a prominent college. It seems their Physics department had the bad habit of tossing leftover radioactive material out the laboratory window where it ended up in a garden below.

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Risk Assessment
  • Martin Mick
  • 11 June 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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The end of innocence - Ransomware-as-a-Service?

Yes, you read it right. First there was Software-as-a-Service (the ubiquitous "SaaS" now part of the vocabulary of every tech startup), then Platform-as-a-Service (think Salesforce) and now, not illogically, we have ...

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Best Practices
  • Martin Mick
  • 4 June 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Risk assessment, compliance and the law of diminishing returns

We were talking a few days ago with the risk manager of a large national developer. He told us his vendor insurance compliance rate was 97% but that senior management of the company demanded 100%.

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Best Practices
  • David Stewart
  • 28 May 2017
  • David Stewart is the National Account Executive for the Pacific Region of Docutrax.
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Keeping old insurance policies - really?

Companies often face a dilemma when relocating, merging or closing: after years in business, insurance records can amass and nobody seems to know what to keep and what to toss. Next thing you know everything's going in the shredder...

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COI Essentials
  • Martin Mick
  • 21 May 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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WannaCry, healthy paranoia and certificates of insurance

Attention risk managers – do you still think you can dodge the cyber bullet?

Last week's ransom attack on 200,000 computers in 70 countries using malicious code gleaned from the stolen records of the U.S. National Security Agency and posted online for all the bad guys to use should leave no doubt that we are truly at the end of any remaining illusions about personal or corporate data security.

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COI Essentials
  • Martin Mick
  • 14 May 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Five tools everyone tracking Certificates of Insurance should have.

It is more common than not that those who choose to track Certificates of Insurance (COI) themselves have a harder time of it than those who do it professionally, such as with an outsourced tracking service. There are a lot of reasons for this condition – lack of time, resources and knowledge are leading causes. Nevertheless, both the pros and those who manage COIs in-house have similar needs when it comes to finding ways to make the process go smoother and with greater accuracy.

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COI Essentials
  • Martin Mick
  • 7 May 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Archives, records retention and Certificates of Insurance

Archive. Even the word sounds old, conjuring up an image of dusty bins of old papers consigned to the graveyard of past events. Archives are accumulations of history, source documents of potentially enduring cultural or evidentiary value. They are also a challenge to define and manage.

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COI Essentials
  • Martin Mick
  • 30 April 2017
  • Susan Laurits, formerly with Munich Re, reports regularly on contemporary insurance topics.
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Super powers, notice of cancellation and Certificates of Insurance

If you had a super power what would it be? Last week the nation celebrated Super Power Day. As many people reflected on the question and debated whether it would be better to have supernatural powers or the ability to fly, I was thinking back to when Certificates of Insurance had super powers - Notice of Cancellation super powers.

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Innovation
  • Martin Mick
  • 23 April 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Blockchain and Certificates of Insurance

Those who attend insurance industry trade shows cannot but be struck by the near-breathtaking pace of technologic innovation on display. For example, one entire industry sector – personal lines – is being relentlessly savaged by tech startups (including newly-formed special purpose carriers) with the net result of efficiencies and significant economics for purchasers of home, life and auto coverage gained through disintermediation (no more middleman brokers), cloud and telematics. Need I add all this can be done on your smartphone? Of course. And this is just the beginning...

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COI Essentials
  • Martin Mick
  • 16 April 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Think you can track your own Certificates of Insurance? Take this quiz.

It's harder than you think. And the consequences of not doing it correctly can be significant. Inefficiencies in COI collection, processing and monitoring can lead to huge risk exposures that can quickly translate to costly claims, litigation and possible catastrophe. Be honest with yourself and answer the following questions:

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COI Essentials
  • Martin Mick
  • 9 April 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Certificates of Insurance and "compliance" - Part III

Following further with our discussion of what certificates of insurance actually are - and are not - the next misconception to dispel is the view of some that a certificate of insurance is somehow proof of compliance.

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COI Essentials
  • Martin Mick
  • 2 April 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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COIs and "proof" of insurance - Part II

Much has been made of the limitations of certificates of insurance, the common refrain being they don't offer proof of insurance. The fact that this was never the intent of the COI document has been examined in prior discussion and need not bear repetition. But the observation does beg a larger question – what document(s) do we require in order to actually obtain that proof?

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Risk Control
  • Martin Mick
  • 25 March 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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In defense of Certificates of Insurance - Part I

First, let's take this quiz. Which do you hate more?

  • April 15th
  • The dentist
  • Certificates of Insurance
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Risk Control
  • Martin Mick
  • 18 March 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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5 ways tracking Certificates of Insurance will reduce your risk exposure.

Here are five benefits derived from tracking certificates of insurance:

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Risk Control
  • Martin Mick
  • 11 March 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Protect against those dreaded action over insurance claims.

When it comes to double-dipping, most people think of ice cream. However, there's another, much less pleasant kind that relates to an employee injured on the job who collects workers' compensation and then sues a third party for contributing to the employee's injury.

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Risk Control
  • Martin Mick
  • 4 March 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Aligning contractual insurance requirements with perceived risk.

Determining the appropriate level of insurance requirements to include in the contract can be a vexing task. In this article we discuss some key issues and show examples of actual insurance requirements in use for a variety of risk types.

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COI Essentials
  • Martin Mick
  • 25 February 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Fraudulent Certificates of Insurance continue to be a source of concern.

Although almost all U.S. states now have laws on their books regulating the issuance of Certificates of Insurance, problems continue to plague the process and fraud remains a major concern.

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COI Essentials
  • Martin Mick
  • 18 February 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Certificate of Insurance tracking - eight rules you must follow.

There are a lot of things that can go wrong when dealing with certificates of insurance (COIs). Mistakes are made, things fall through the crack and some important details are completely overlooked. The checklist below covers the most common problems found in issuance, collection, evaluation, notification and monitoring of COIs.

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COI Essentials
  • Martin Mick
  • 11 February 2017
  • Martin Mick is the co-founder and CEO of Docutrax.
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Double your COI compliance in 30 days.

Yes, it can be done, but like all complex processes it requires discipline, attention to detail, and consistency.

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COI Essentials
  • David Stewart
  • 21 January 2017
  • David Stewart is the National Account Executive for the Pacific Region of Docutrax. He is a licensed insurance broker and former underwriter.
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Five things you probably didn't know about ACORD and Certificates of Insurance.

We take the ACORD form for granted, we see hundreds every day, but many people find the whole certificate of insurance process confusing. Here's a few questions we get asked all the time:

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Process Improvement
  • David Stewart
  • 9 January 2017
  • David Stewart is the National Account Executive for the Pacific Region of Docutrax.
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Having a Certificate of Insurance on file isn't enough.

Once we finally receive the much sought after Certificate of Insurance and place it in our electronic folder we sigh with relief. Well not so fast...

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COI Essentials
  • David Stewart
  • 21 November 2016
  • David Stewart is the National Account Executive for the Pacific Region of Docutrax.
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Certificate of Insurance basics.

There are numerous topics of discussion available on the internet pertaining to certificates of insurance (COI). However, there is very little information regarding the management of certificates of insurance and other related insurance documents.

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Insurance Law
  • David Godwin, Esq.
  • 13 September 2016
  • G. David Godwin, Esq. is an attorney with the global law firm Squire Patton Boggs.
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COI showing the holder as Additional Insured not binding on the insurer.

Facts:On June 16, 2016, the Federal District Court for the Northern District of Indiana affirmed the general rule that certificates of insurance cannot alter the terms of a policy.

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COI Essentials
  • David Stewart
  • 13 September 2016
  • David Stewart is the National Account Executive for the Pacific Region of Docutrax.
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You're telling me they don't have coverage?

When was the last time you or someone within your organization reviewed the insurance provisions contained in your various lease and vendor agreements?

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