The three most common mistakes in RFPs for COI tracking are failure to identify the reason for tracking vendor insurance, overestimating the levels of compliance of the current program, and focusing on the price instead of the cost.

Certificates of insurance best practices include obtaining a certificate of insurance from each vendor, asking to be named as an additional insured, carefully reviewing the certificate, assessing endorsements, getting an updated certificate at renewal, implementing an organizational scheme, and consulting an insurance professional.

Contractors pollution liability (CPL) is a type of insurance policy that protects contractors from pollution-related risks, and helps ensure an accident doesn’t turn into a disaster for your business.

While companies assume they won’t be held liable for tort claims arising from work performed by independent contractors, there are exceptions to the rule based on negligence, obligations to the public, and inherently dangerous activities.

Certificate of insurance tracking helps ensure you’re protected from liabilities associated with injuries, overdue projects, substandard work, subcontractor disputes, and other risks within the construction industry.

Collecting all pertinent information, performing a risk assessment, assessing previous renewals, and comparing rates and policies are important steps in the commercial general liability policy renewal process.

A loss payee is a common insurance policy designation that names who receives payment when there’s a loss.

Several critical features of a Certificate of Insurance tracking solution include the availability of dedicated compliance professionals, comprehensive document review, and access to vendor networks.

The ability to track certificates of insurance for free depends on a business’ technology, needs, size and complexity, together with in-house expertise. There are a number of free tools and resources available to help.