VersiTrax Best Practices for Certificates Of Insurance Tracking

Best Practices for Certificates Of Insurance Tracking

In business and insurance a lot of paperwork and certificates are involved. Sometimes with so many contracts and certificates to look after, it might become difficult to efficiently keep track and assess risk exposures.

It is not enough to mere gather the certificates to confirm their receiving. There is no definite proof that all the requirements have been met but if you take some time for certificate tracking and confirm insurance requirements, endorsements and limits on these certificates you can transfer exposures to your vendors.  With proper and proactive management with certificate of issuance tracking a large part of the firm’s risk can be reduced.  Management and certificate of insurance tracking is a time taking process.

Here are some of the best practices you could carry out for certificate of issuance tracking:

  • Compliance is necessary. If an insured is not in compliance he should be informed and then followed up. Effective communication needs to be established to ensure that the insured complies with requirements.
  • You need to establish insurance coverage requirements for insured. Merely possessing the certificate of insurance is not enough. You need to determine the risk involved of each of the insured and develop the guidelines accordingly.
  • Set up a system of your own. It could be manual or automated for certificate of insurance tracking and their policy expiration dates, this will allow you to contact them prior expiration.
  • Quite often the need to have a proper certificate of insurance management system is overlooked. Taken rather as extra load and paperwork, it fails to get the required focus and attention it needs. Choose one to two individuals who are skilled and have the talent to handle the required work of this essential process. This way the entire process of certificate tracking could be handled responsibly.
  • When the policy period ends, so does the certificate of insurance. Are you equipped with a proper monitoring plan? You need to have a plan or policy in place that monitors these important dates so that you can get replacement COIs before expiration.
  • The best solution to handle the certificate of insurance tracking is bringing in use a certificate management system that takes care of Issuance of Certificates of Insurance and certificate tracking. This way you are better prepared and equipped to handle the certificate requests, verification of compliance along with follow up on expiring and non-compliant certificates.

You can only succeed and efficiently handles the process of certificate tracking if you are able to measure your growth and performance. If you current COI management program is not bearing fruitful results, may be you need to put in more efforts.

If you are unable to handle certificate of insurance tracking, get yourself the services of professionals who can track COIs for you. Professionals at Versitrax are equipped with the required knowledge and skills to handle the COI tracking the right way.  COI tracking firms like Versitrax will lessen your burden ensuring quality tracking services.

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