CERTIFICATE OF INSURANCE MANAGEMENT
Organizations and entities seeking an understanding of their coverages to minimize their chance and degree of loss, turn to ICA to manage their certificate of insurance process.
As risk is transferred through an organization’s operational agreements, decision makers must be prudent to first understand such risks. Once identified, it is imperative to ensure that risks an organization accepts through the course of doing business, are covered as agreed to within their operational agreements. Typically found within such agreements, one party will be required to indemnify or hold harmless at least one other party to that agreement. For example, underlying coverage must exist where terms or conditions of an agreement stipulate the duty to defend and/or indemnify the other party, in the event of a variety of certain losses.
ICA’s experience developing customized insurance certificate management procedures, is implemented by clients in differing industries. This service is supported by ICA’s Risk Management Consulting services, for Clients to understand what risks they are insured against, or underinsured, and in some cases, uninsured when protection should have been in place.
For more information about this service, fill out our contact form .
See Below for How It Works:
ICA assists its Clients by not only reviewing and recommending certain language in the agreements before they are signed, but also by working with the Client to establish an organized program of insurance certificate management. ICA will establish for the Client an organized program of requisition and validation of accurate certificate documentation, as well as the most critical component, the insurance policy endorsements and policy review of the third party’s policies, to assure adequate protection is available from the party’s insurer from whom it was contractually promised.
The Client must remember that the broker’s typical function in this regard is to simply deliver the certificates and endorsements, not to review and evaluate their content relative to the risk inherent in each agreement. ICA can manage the program on the Client’s behalf or train the Client’s own staff to perform all language analysis and follow up for the certificate program, based on the Client’s direction and own staffing requirements.
Customized request letters will be tailored to the Client’s needs.