Certs Made Simple records the COI data and validates the information based upon your insurance requirements.
When a company enters a business agreement with a third party, the contract often requires proof of insurance in the form of a COI. The COI must display types of coverage and limits required by the business agent, and at times the company named as an additional insured on one or more policies. Usually the COI is presented with the contract, but then stored in a file, never to be thought of again.
The business landscape has become litigious and lawsuits against companies for minor infractions have increased. As companies no longer want to assume the risk for negligence of third parties, monitoring COIs on an ongoing basis is vital. The larger the organization, the greater the chance of lawsuits and the more the organization must monitor COIs. Companies are often penalized financially because of negligence. It is the primary responsibility of risk management, finance/treasury, purchasing, legal and real estate departments to protect their companies' assets.