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COVERAGE ESSENTIALS: Certificates of Insurance and Evidences of Commercial Property Insurance: COIs and ECPIs


Total Credits: 3 including 3 CE Credit

Average Rating:
   15
Categories:
10% premium discount qualified |  Commercial Lines |  Commercial Lines - Basic |  Commercial Lines - Specialty Policies |  Errors and Omissions |  Personal Lines |  Personal Lines - Basic |  Personal Lines - Specialty Policies
Speakers:
Nancy Germond |  Christopher Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA
Course Levels:
Intermediate
Duration:
3 Hours
Expiration:
Access for 90 day(s) after purchase.


Description

Certificates of Insurance (COIs) and Evidences of Commercial Property Insurance (ECPIs) are intended to be nothing more than proof that certain types of insurance coverages exist. In theoretical terms, COIs and ECPIs do nothing to alter or even effectuate coverage but neither lawyers nor risk managers seem to believe or accept
this reality.

Agents face pressure from these third-party holders and their clients to possibly commit fraud simply to allow the holder to check a box and the client to get paid. Third party certificate holders want to force wording on certificates that may or may not be supported by the policy language. Obviously, the easy way is to insert information that isn't true simply to avoid the fight and the pressure & just to make the demand go away. This is where errors and omissions (E&O) claims are born.

Never, never put information on either a COI or ECPI that is not and cannot be supported by policy language. Because these documents are nothing more than single-
page evidence that a policy exists, no information contained within them should be forced by an outside party.

Never tire of doing what is right. The problems that appear to be caused by COI and ECPI requests are functionally the result of flaws and gaps in the insurance program placed for the insured.

In reality, what the COI and ECPI holder want is for their contractor or sub-contractor to have specific insurance coverages evidenced by these documents. If the coverages can be placed, no problem; if the coverages cannot be placed DO NOT say they exist on the COI or ECPI.

But even though some COI and ECPI issues can be "fixed" with changes to the insurance program, there are some wording requests that can NEVER be honored. This
session focuses on both sides; what can be fixed, what may not be fixable, and what should NEVER be stated on a COI or ECPI. Buckle up! This is a fun ride.

Basic Course Information

Learning Objectives
  • What is a Certificate of Insurance?
  • COI Information You Must Consider
  • How Does a COI Respond to Contractual Risk Transfer?
  • Listing Certificate Holders
  • "BAD" Things to Do
  • Addendum Requests
  • Common COI Questions
  • What is an Evidence of Commercial Property Insurance
  • Who Should be Involved in Issuing a COI and/or ECPI?

Major Subjects
  • Review the importance of certificates of insurance
  • Understand how COIs tie into contractual risk transfer
  • Evaluate Evidence of Commercial Property Insurance importance
  • Discuss how wrongly issued COIs can lead to errors & omissions claims

Course Materials

Speaker

Nancy Germond's Profile

Nancy Germond Related Seminars and Products

Executive Director

Independent Insurance Agents & Brokers of America


Nancy Germond is the Executive Director, Risk Management and Education, for the Independent Insurance Agents & Brokers of America, the “Big I.” She is located in Phoenix, Arizona. With almost four decades of risk management experience, her unique insights and abilities help businesses better understand and manage their risk. Nancy has authored scores of risk management-related articles, and white papers and has consulted and presented to public-sector and private-sector insurance organizations. She is a licensed P&C agent and adjuster.

A second-generation insurance professional, Nancy was the first risk manager of the City of Prescott, Arizona, and has worked in the private and public sectors as a claim and risk manager. Nancy holds a B.A. in Communication from Mills College and a Master’s degree in sociology from Lincoln University. She also holds the Associate in Risk Management, the Associate in Claims designation from the Insurance Institute of America, the Insurance Training Professional Designation from the Society of Insurance Trainers and is a Senior Professional in Human Resource Management.


Christopher Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA's Profile

Christopher Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA Related Seminars and Products

Independent Insurance Agents and Brokers of America Virtual University


Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, president of Boggs Risk & Insurance Consulting (BRIC) with a focus on education, training, risk and claims consulting with insurance agents and insurance carriers, began the practice of insurance in 1990.

During his nearly three-and-a-half-decade insurance career, Boggs has authored over 2,000 insurance and risk management-related articles on a wide range of topics. Additionally, Boggs has written 15 insurance and risk management books including:

  • "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," (now in its second edition);
  • "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," (now in its third edition);
  • "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
  • "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
  • "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"

Boggs is a regular speaker at industry events, having taught or spoken nearly 1,000 times. This includes sessions for the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), the Chartered Property Casualty Underwriter (CPCU) Society and numerous independent insurance agent state association meetings. He has also earned numerous professional accolades including the 2017 Institute and Faculty of Actuaries (IFoA) Brian Hey Prize and the 2019 Casualty Actuarial Society (CAS) Charles A. Hachemeister Prize as part of a of professional collaboration with a diverse group of professionals.

His professional background includes work as a risk management consultant, loss control representative, insurance producer, claims manager, journalist and columnist, quality assurance specialist, and insurance coverage product manager.


Boggs earned a Bachelor of Science degree in journalism at Liberty University in Lynchburg, Virginia, and holds nine professional designations. 


State Specific Details

State Approval Information Details OK - This course is approved for 3 hrs CE - Course# 6000175990

Basic Course Information

Designed For Designed for Entry level and experienced commercial and personal lines producers and customer service
representatives

Promo Video

Reviews

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Overall:      4.9

Total Reviews: 15

Comments

Rebecca O - Brentwood, Tennessee

"Very informative"

Mindy W - Carthage, Tennessee

"Great Information"