Certificates of Insurance - Perils and Pittfalls

If you are an insurance agent who writes Commercial Lines the chances that you are issuing certificates of insurance on a regular basis are fairly high. Before you issue another certificate I would highly suggest that everyone who issues these documents reads the article below.

There is no sense in exposing your agency to Errors and Omission Claims needlessly and as you read through the seven page article you will inevitably find things that you have done or may be about to do which can cause extreme risk to your agency.

Tague Alliance is always trying to look out for our member agencies and we hope the information presented below by author Bill Wilson and CPCU will be beneficial.

Certificates of Insurance –– Why ‘You Can’t Always Get What You Want’
Third-party requests for certificates of insurance, additional insured status and other demands have escalated out of control. For many insurance organizations, certificates have become a costly black hole, creating unnecessary expense and increasing their E&O exposure. In the November 2009 CPCU eJournal article,“Certificates of Insurance, Insurance Agents and Rolling Stone Syndrome,” Bill Wilson, CPCU, ARM, AIM, AAM, explains why agents may be unable to comply with requests and explores solutions.