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Certificates of Insurance and Adding a New Additional Insured:

Before issuing a certificate of liability, we need the full contract or Master Service Agreement (MSA), especially if your additional insured has specific insurance language requirements for inclusion in the certificate. If the necessary coverage is already part of your policy and our agency has authorization from the carrier, we typically issue certificates the same day. However, if you lack the requested coverage(s), please allow 3-4 business days for us to underwrite the exposures and update your policy accordingly. Should adjustments exceed our in-office capacity, our brokers will intervene to modify your policy. Once we receive the company endorsement, we'll finalize and send the certificate corresponding to the contract/MSA. We require comprehensive details of the work involved and complete contact information for the additional insured, including email, fax, address, and phone. Following the issuance of the insurance certificate, an invoice for any additional premium resulting from the new addition to your policy will be issued, payable within 30 days.

 

Our duties sending COI’s
• New and renewal COIs sent the same day released by underwriting or within our authority via email, fax, or mail
 

Hiring Subcontractors:

Ensure you obtain insurance certificates from all subcontractors you engage. We are here to assist in this process, but your input is crucial in informing our office about the subcontractors you employ. The liability limits of these subcontractors should meet or exceed your own. We provide a letter to help facilitate this process. Please engage with our office to confirm that you are adhering to your policy's compliance requirements. Not securing insurance certificates from subcontractors could result in audit issues and potential non-compliance with your policy.

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Audits:
Depending on your specific policy, it might include an audit provision that permits the insurer to annually review your risk exposures. The purpose of these audits is to ensure that the premiums charged align with the actual exposures under your General Liability coverage. During the audit, they may compare actual gross sales against the estimates provided at the start of the policy term, as well as review your payroll and subcontractor expenses. They'll also look for any risks not disclosed in the initial application. For instance, a contractor may be listed as a Handy Person but may also engage in tree-trimming activities. Every activity or exposure must be accurately represented in the General Liability portion of your policy. If your business has expanded, started new ventures, or acquired another company, it's important to inform our office as soon as these changes occur. Audits will reassess your risk profile and might adjust your premium to more accurately reflect these risks for potential future claims. An audit might lead to additional premium charges at the end of the policy period or worse, you may fall out of the carrier's appetite for a newly discovered classification or scope of work. If you are subject to an audit, please contact our office immediately for guidance.

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Inspections/Surveys:
Your new or renewed commercial policy will likely prompt inspections of your property and operations, usually within the first 30 days. These inspections are critical, as they allow your insurer, who is essentially your partner in managing risk, to evaluate the moral, financial, and physical dimensions of your property and operations. Typically, a third-party company conducts these inspections and reports their findings back to the insurance carrier. This process, known as an Exposure Survey, may involve interviews with management and staff, physical walkthroughs, analysis of financial statements, and reviews of contractual agreements. It's important to note that postponing or failing to schedule an inspection more than once can lead to non-compliance issues, potentially resulting in higher premiums and difficulties in securing future coverage. To avoid these complications, we recommend promptly complying with all inspection requests, whether they are conducted over the phone or in person.

 

Premium Financing:
We will begin the process of premium financing through Capital Premium Finance. They will determine the annual percentage rate (APR%), payment schedule, and other terms and conditions. Your payment agreement will be directly with them. Please note, that they have the authority to cancel your policy for non-payment as per the terms of your contract. For details regarding your financing terms or any payment-related assistance, please consult your financing agreement or contact our office.

 

Billing:
Should your carrier handle your billing directly, all terms, and conditions of payment are between you and them. However, if you receive an invoice from our agency, please note that payments are required within 30 days of the renewal date or any policy endorsement date. Should payment not be received by the due date, a second invoice will be issued as a reminder that your coverage may be at risk of cancellation. This notice will also be sent to any additional insureds listed on your policy.

 

Policy Service:
Please allow 3-4 business days to process any coverage requests made via email, phone, or in person. Should you need a new policy, the process may extend up to 7 business days or more, depending on the completeness of the applications, documentation, circumstances, carrier, and the nature of the risk under review by underwriting. We appreciate your patience and understanding in allowing sufficient time to thoroughly handle your service needs.

 

Annual Renewal:

The receipt of your renewal documents from the carrier typically occurs 60, 45, or 30 days before your renewal date, depending on the carrier. Upon receiving your approval and after thoroughly reviewing your policy, we will either remarket or amend it based on any increases in costs, newly implemented exclusions, or changes in your business risk profile. We strive to present you with the best available option and will provide you with a copy of the renewal at least 30 days before your renewal date, though sometimes it might be later. We aim to give you sufficient time to review the terms and arrange payment. Renewal documents are generally sent via email, but if you prefer a physical copy, please inform us. To finalize your renewal, all necessary signatures and the initial payment must be completed, especially if you don't have an automatic renewal or direct billing arrangement with the carrier.

 

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