Certificates of Insurance

I'm not a big fan of certificates of insurance.  They are, I think, a document of false impressions.  They are not a guarantee of coverage.

A cert tells the recipient that an insurance policy was probably in force on the day the certificate was issued.  Little is known from the certificate the nature of the coverage - we don't know the exclusions, endorsements, amendments or definitions.  Next time someone hands you a certificate of insurance read the disclaimers (front and back).

Are certificates really worth the effort?

Agent Pockets Premium - Ends Up Paying Losses

A California agent pocketed $6,000 in premiums instead of ordering a policy.  He ended up paying a $200,000 loss incured by the insurance buyer.

He also ends up serving two years of probation.

Story Here

Claim Contact Phone Numbers

Right now.  Before you do anything else, send an email to your insurance agent requesting the current claim hotline number for your insurance companies.

(If you're an insurance agent reading this, why not send the claim hot-line numbers to your clients as a service.)

When the agent gets you the phone number call it to be sure you have the right number.

For your personal insurance you need the claim number for your auto, home, motorcycle, snowmobile, etc. insurance company.

For your business insurance you need the claim number for your property, liablity, and auto insurer.

Keep those numbers where they are easy to find.  Easy for you or anyone else in your organization who may need them.  Make sure those numbers are in every vehicle you own (along with a disposable camera to document an accident).

The faster you report claims, the faster you will get an adjuster moving to help you.

For most cases, it's better to call your insurance company first.  Call your insurance agent later.

Do You Have A Black Book?

A family friend died a few weeks ago.  He had been sick for some time.  After he died, his wife found his black book.

No, not that kind of black book.

He had a notebook with all his Internet login names and passwords for all the sites he visited.  It made it much easier for his wife to access credit card accounts, savings, Internet banking, investment sites and the like.

Do you have a black book that will help your family find what they need if something happens to you?

Password Risk Management

Google has some good advice on passwords.

http://gmailblog.blogspot.com/2009/10/choosing-smart-password.html

Insurance Market Remains Soft

Insurance Journal article - Commercial Buyers Remain Winners In Current Insurance Market

Workers Comp Audit Worksheets

Ask your insurer to provide you with a copy of the audit worksheet prepared for your most recently expired workers' compensation policy. This document provides the details of how the insurance company determined your final premium. It lists employees, classifications and payrolls. Look for errors such as the inclusion of overtime and incorrect classification of employees.