Certificates of insurance have been a major problem for years. The good agent / broker will not modify the COI in any way. Too many producers are afraid of their clients and will cave in being afraid of losing a client. Sometimes it is worth losing a client and avoiding an E&O claim.
I have had a problem with “big-box” home improvement stores. One has a preferred agency that will give them whatever they want-we did not! Lost our insured, but had no choice.
Good for Virgina. Certs are a major concern for me. Its odd to me when an insured, let’s say an electrcian, comes to me and says, “I need this on my cert.” They have no idea what they are asking for, they have most likely already signed the contract, and now its the the agent’s fault??? Or worse yet, I saw a case where an insured was hosting an off site special event… The kicker was that their policy included the form CG2144, which limited coverage to the designated premises… So their crack pot agent issued a cert for the landlord renting them the event location… Of course there was a claim turned in, a large claim, and it was declined. The agent was up the creek with no paddle.
Ironically, the worst offenders are public agencies. Their requests are out of touch with contemporary insurance programs and their draconian policies toward certificates and endorsements create and endless supply of problems.
I am so happy to see this! I have saved in pdf so the next time I get the request I will say “I cannot put that on the certificate, but I will forward something I think you will be able to use!” Thank you Virginia!
Certificates of insurance have been a major problem for years. The good agent / broker will not modify the COI in any way. Too many producers are afraid of their clients and will cave in being afraid of losing a client. Sometimes it is worth losing a client and avoiding an E&O claim.
I have had a problem with “big-box” home improvement stores. One has a preferred agency that will give them whatever they want-we did not! Lost our insured, but had no choice.
They should also review the requirement for mandating outdated forms and old iso forms which have been updated
Good for Virgina. Certs are a major concern for me. Its odd to me when an insured, let’s say an electrcian, comes to me and says, “I need this on my cert.” They have no idea what they are asking for, they have most likely already signed the contract, and now its the the agent’s fault??? Or worse yet, I saw a case where an insured was hosting an off site special event… The kicker was that their policy included the form CG2144, which limited coverage to the designated premises… So their crack pot agent issued a cert for the landlord renting them the event location… Of course there was a claim turned in, a large claim, and it was declined. The agent was up the creek with no paddle.
Ironically, the worst offenders are public agencies. Their requests are out of touch with contemporary insurance programs and their draconian policies toward certificates and endorsements create and endless supply of problems.
Good for Virginia – I hope all states follow suit. This practice has turned into a very time consuming and expensive activity.
I am so happy to see this! I have saved in pdf so the next time I get the request I will say “I cannot put that on the certificate, but I will forward something I think you will be able to use!” Thank you Virginia!