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A Commercial General Liability policy can be sold on either an Occurrence or Claims-Made basis. The limitations of the two types differ depending upon when an incident occurs and when a claim is filed.
Excess liability simply provides additional limits to an underlying policy whereas Umbrella liability also expands coverage to include claims and losses outside its initial scope.
An additional insured endorsement is a type of addendum made to a CGL policy which extends coverage of the policyholder to the named insured.
A CGL policy is purchased to protect a business from loss associated with Bodily Injury, Property Damage, and Personal or Advertising Injury claims that are considered to be results of non-professional negligence.
While not an insurance policy, a certificate of insurance (COI) contains essential details proving one was issued and exists. These single-page forms include the policyholder’s name, effective and expiration date, type of coverage, additional insured and waiver of subrogation, and policy limits. Generally, an ACORD 25 form documents this.
A Certificate of Liability protects the project owner, manager, and possibly a lender against general liability, damage, and injury. Certificates of Workers Compensation Insurance are necessary for all vendors, contractors, and subcontractors in case an employee is injured on the job. A Certificate of Auto Liability should be monitored for all vendor-owned, leased, non-owned, and hired vehicles to ensure coverage in case of an accident.
Certificates of insurance provide proof of insurance, quick access to a policy, liability reduction, and an extra layer of protection to save your company from lawsuits, lost revenue, and worry.
Certificates of insurance should be requested when entering into a contract with a new client or vendor, signing a lease for a new space, and renting out equipment. A company will generally request a certificate from the insurance company directly, instead of from the vendor, to ensure the coverage is valid. This should be done before signing contracts with vendors or during the bidding process.
The best option for Certificate Holders is to obtain a Notice of Cancellation Endorsement from the vendor’s insurer(s) specifically scheduling the Certificate Holder.
When reviewing certificates of insurance, pay close attention to the following: waivers of subrogation, notice of cancellation endorsements, coverage deficiencies, coverages not available in today’s market, and types and forms of additional insured, primary and noncontributory wordings.
A waiver of subrogation is a contractual provision that indemnifies third-party subcontractors from liability, effectively revoking an insurer's right to recoup losses from a claim concerning third-party fault for incurred damages.
While the criteria of a background check is ultimately decided by the employer, a typical candidate screening may include criminal history, vendor credentials, alternate business names, insurance compliance, customer reviews, and Better Business Bureau standing.
The Office of Foreign Assets Control (OFAC) is a financial intelligence agency of the U.S. Department of Treasury that develops and enforces trade sanctions to support homeland security and foreign affairs initiatives.
While not an insurance policy, a certificate of insurance (COI) contains essential details proving one was issued and exists. These single-page forms include the policyholder’s name, effective and expiration date, type of coverage, additional insured and waiver of subrogation, and policy limits. Generally, an ACORD 25 form documents this.
Commercial General Liability coverage protects the project owner, manager, and possibly a lender against general liability, damage, and injury. Workers Compensation coverage is necessary for all vendors, contractors, and subcontractors in case an employee is injured on the job. Auto Liability coverage should be monitored for all vendor-owned, leased, non-owned, and hired vehicles to ensure your company is protected in case of an accident. All of these coverages, or policies, can be found on a COI along with expiration dates, policy limits, and other important information.
Certificates of insurance provide proof of insurance, quick access to a policy, liability reduction, and an extra layer of protection to save your company from lawsuits, lost revenue, and worry.
Certificates of insurance should be requested when entering into a contract with a new client or vendor, signing a lease for a new space, and renting out equipment. A company will generally request a certificate from the vendor or their insurance agent. To ensure the coverage is valid it is best to reach out directly to the insurance agent. This should be done before signing contracts with vendors or during the bidding process.
Businesses should request certificates of insurance from vendors and subcontractors they’re entering into contracts with. For instance, if Company 1 manufactures a product and enters into a contract with Company 2 to distribute it, Company 1 should request a certificate of insurance from Company 2 to ensure Company 2 has the necessary coverage.
The amount of time you keep a certificate on file depends on the nature of your organization and where you are located, but in general, certificates should be retained for a minimum of five years.
Among other features, it provides real-time compliance status updates and is easily customized to reflect your business's unique compliance requirements, no matter how complex.
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Beyond just tracking certificates, BCS delves into the real details of insurance coverage to unmask exclusions that could otherwise put your organization at risk.
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Most solutions will try to put a cap on this, but our compliance analysts handle all the inbound/outbound vendor support necessary to get them compliant.
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Our advanced analytics tools provide the insight you need to make the best risk management decisions, in real time.