What's Happening?
An upcoming webinar hosted by Insurance Journal's Academy of Insurance will focus on the complexities surrounding certificates of insurance and contractual risk transfer issues. Scheduled for October 9, the webinar aims to address common disputes arising from contractual promises and obligations made by insured parties. The session will provide real-life examples to help participants recognize potential impacts on all parties involved, understand court interpretations, and respond to claims and suits. The webinar is expected to attract interest from insurance agents and professionals seeking to navigate these intricate issues effectively.
Why It's Important?
Understanding certificates of insurance and contractual risk transfer is crucial for insurance agents and professionals to avoid errors and omissions claims. These issues can lead to significant legal and financial consequences for agencies and their clients. By educating agents on how to handle inappropriate or illegal COI requests, the webinar aims to reduce the risk of agency errors and improve client service. Additionally, the session will highlight the importance of sending COI copies to insurers to ensure compliance and mitigate potential liabilities.
What's Next?
The webinar will provide guidance on best practices for handling COI requests and contractual risk transfer issues. Participants will learn how to identify inappropriate language in COIs and negotiate requests effectively. The session will also cover the implications of adding additional insureds and issuing COIs, helping agents understand the potential liabilities involved. By equipping agents with this knowledge, the webinar aims to enhance their ability to manage contractual risks and improve overall agency performance.
Beyond the Headlines
The webinar will delve into the ethical and legal dimensions of COI requests and contractual risk transfer. It will explore how these issues can impact agency-client relationships and the broader insurance industry. By addressing these deeper implications, the session aims to foster a more informed and responsible approach to managing contractual risks.
