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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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Process Improvement
  • Martin Mick
  • 27 December 2016
  • Martin Mick is the co-founder and CEO of Docutrax.
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Why your compliance is low.

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?

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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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