Certificates of insurance are a very important part of any business operation. Most business agreements that are consummated typically require at least one party to indemnify and hold harmless the other by means of contractual obligation and/or an assurance to provide certain types and amounts of insurance.

Such guarantees afford protection to the indemnified parties should a claim arise relative to their business agreement.  Certificates of insurance are the documents typically issued by an insurance company, agent, or broker used to verify the existence of such insurance coverage under specific conditions granted to listed individuals. More specifically, the document will typically list the type of insurance coverage purchased, the effective date of the policy, and the types and dollar amounts of applicable liability limits.

We have seen many cases where the required insurance is either insufficient or nonexistent, thus leaving our clients inadequately protected and exposed to unnecessary risk.  More often than not we will find errors in the insurance certificates and agreements relative to limits, coverages, and policy dates.  If these errors are present, the indemnity provisions written in most business agreements may not be enforceable by law or may not work as intended since they are not backed up with the necessary insurance or financial assets.

Corporate Risk Consulting, Inc. recommends that compliance be established before the need arises to enforce a contract provision rather than discovering at the point of need that a business partner cannot meet its expected obligation.

We offer the following services to assist organizations with their certificate of insurance program needs:

   •  Assistance in the design and development of a formal certificate of insurance management program. We will work with the client to establish an organized certificate of insurance program and provide assistance in      establishing corporate minimum insurance requirements, developing acceptable contractual insurance requirements, and training the client’s staff to administer the program if needed. 

   •  Continuous review and analysis of insurance endorsements and certificates of insurance received by your organization. We will endeavor to assure that all certificate of insurance parameters such as policy inception dates, expiration dates, limits, coverages, and additional insured language are being adhered to, as per any contractual agreements pertaining to the organization. 

   •  Expert consultation as pertaining to your entity’s current certificate of insurance program: Whether we are assisting in the design of a certificate of insurance program from inception, or simply managing the process on a continuous basis, Corporate Risk Consulting, Inc. is viewed as a trusted and flexible business partner by our clients utilizing this service.