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Achieving Risk Management Excellence

2014 Risk Management ExcellenceAs we are advancing in 2014, it is a good time to pause for a minute and evaluate the effectiveness of our programs. With the myriad of tasks that comprise the risk management function, contract review and insurance certificate monitoring are often a large consumer of time and resources. Be on the cutting edge and take a diligent yet pragmatic approach to balancing compliance enforcement with the resources available to monitor it.

First, don’t outsource the certificate management to a 3rd party. We have been dealing with multiple companies like Compliance Depot and it is usually a quite negative experience: sometimes I feel like there is a robot sitting on the other side of the line and follows very strict but obsolete rules. In my opinion, you won’t gain much by paying for such services. Instead, some organizations can go decades without ever tendering a liability claim to a contractor’s insurer. Given these statistics, justifying certificate monitoring costs can be daunting. Though, the cost of such a claim, if it were to happen, can be tremendous and could instantaneously justify the expenditures. How can you deal with this challenge?Read More »Achieving Risk Management Excellence

Often Misunderstood Facts Surrounding Certificates of Insurance

Certificates of Insurance are informational only, and cannot be used to grant, amend, extend or alter coverage or policy terms; Inserting any additional wording onto a Certificate of Insurance that grants, amends, extends, or alters coverage is an improper use of the Certificate of Insurance and is in violation of certain state statutes; The number of days notice for cancellation to a… Read More »Often Misunderstood Facts Surrounding Certificates of Insurance