Certificate Poll
Moderators: Josh, independent guy
Certificate Poll
Have you ever issued an Acord 25, or its equivalent, for an insured and included AI or other wording when you know the policy doesn't support it? Far too often I am asked to provide outrageous wording on certs that names every party and their mother as an AI. I know a lot has been written about this subject in various publications but I'm curious how many of us simply issue the cert and hope nothing ever happens.
Re: Certificate Poll
Why would a professional agent ever issue a certificate that was not supported by the policy terms? Regarding additional insureds, most of my client's policies have blanket additional insureds when required by contract, so we can add all the names requested (including their mother) and state they are additional insureds as required by contract. Any other wording on the certificate better match up with the policy or you are jeopardizing your reputation with your client, the underwriter and possibly your E&O and career!
Lauren CIC ARM
Re: Certificate Poll
@lauren
I agree with everything in your comment and am especially anal about making sure everything I include on a cert is backed by the policy. Occasionally, however, I have a prospect that gives me a cert made by their current agent that includes unsupported wording. Many times I discover this after I've AOR'd their policy and review all of the policy forms. I was just curious if anyone out there would actually answer yes to the question but I'm beginning to think that my poll won't have too many 'Yes' responses.
I agree with everything in your comment and am especially anal about making sure everything I include on a cert is backed by the policy. Occasionally, however, I have a prospect that gives me a cert made by their current agent that includes unsupported wording. Many times I discover this after I've AOR'd their policy and review all of the policy forms. I was just curious if anyone out there would actually answer yes to the question but I'm beginning to think that my poll won't have too many 'Yes' responses.
Re: Certificate Poll
Probably the people that are issuing certificates that are not supported by the policy terms, don't know what they are doing so wouldn't answer Yes to your poll.
We recently took over a large manufacturing account from a big broker by AOR. Quite a few of their vehicles are personally owned by executives but insured on the business auto policy. That is fine, since we can support that with an auto lease between the corporation and the employee and add the employee as Additional Insured-Lessor. We normally issue Fleet certicates for accounts with larges fleets that state "All vehicles owned or leased by ______ are insured..." and add the Named Insured. The prior broker issued fleet certifcates to each executive stating "all vehicles owned or leased by Joe Smith (employee name) are insured..." Wow, what a deal. They were insuring ALL their personal vehicles for no premium!
We recently took over a large manufacturing account from a big broker by AOR. Quite a few of their vehicles are personally owned by executives but insured on the business auto policy. That is fine, since we can support that with an auto lease between the corporation and the employee and add the employee as Additional Insured-Lessor. We normally issue Fleet certicates for accounts with larges fleets that state "All vehicles owned or leased by ______ are insured..." and add the Named Insured. The prior broker issued fleet certifcates to each executive stating "all vehicles owned or leased by Joe Smith (employee name) are insured..." Wow, what a deal. They were insuring ALL their personal vehicles for no premium!
Lauren CIC ARM
Re: Certificate Poll
Wow, that's the kind of stuff I'm talking about. I actually hope to find such errors with a new prospect because it really gives me an opportunity to explain how the error puts the business at risk.
I earned my CIC in 2009 and am currently working on my CRM. I attribute so much of what I practice now to those programs. Anyone else that reads this and hasn't sought additional education is just another agent that I'll be able to dance circles around if I ever come across one of their accounts. Everyone should consider the courses offered by the National Alliance (www.scic.com), they're worth every penny!
I earned my CIC in 2009 and am currently working on my CRM. I attribute so much of what I practice now to those programs. Anyone else that reads this and hasn't sought additional education is just another agent that I'll be able to dance circles around if I ever come across one of their accounts. Everyone should consider the courses offered by the National Alliance (www.scic.com), they're worth every penny!
Re: Certificate Poll
Don't forget that you could be in violation of regulations too! In Ohio you would be in violation of the Insurance Code and subject to license suspension revocation and fine: http://www.insurance.ohio.gov/Legal/Bul ... 009-08.pdf