2A — June 22 - July 12, 2018 — M id A tlantic
Real Estate Journal
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Associate Publisher ......................................... Steve Kelley Associate Publisher ........................................... Kim Brunet Associate Publisher ...................................... Marisol Chase Senior Editor/Graphic Artist ..........................Karen Vachon Office Manager ...............................................Kerrin Devine Contributing Columnists: ...........................Steve Edelstein Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 30, Issue 12 Subscription rates: $99 - one year, $148 - 3 years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Steve Edelstein
Why Certificate Management is Crucial for Risk Transfer
C ertificates of Insur- ance are information- al snapshots issued by or, more commonly, on be- half of, insurance companies. These certificates are used to provide the ‘Certificate Holder’ with courtesy summa- ries that verify the existence of insurance, including the Insured’s coverage and limits. When an organization con- tracts with a vendor for ma- terials, equipment, supplies or services, that vendor's activities and goods provided create inherent liabilities for the organization. The goal of a certificate program is to pro- tect your organization from exposures to loss resulting from any negligence on the part of an under/un-insured vendor. Through obtaining the correct certificates of insurance and maintaining current certificates on file for each vendor furnishing ser- vices, you have evidence that insurance has been secured to finance the risks/negligence created by them.
Lea@marejournal.com
Use these five tips when reviewing your Certificates of Insurance with vendors or tenants: 1. Modify policies already in place to comply with require- ments made in a contract 2. Develop criteria that is achievable for vendors (i.e. coverage available in the marketplace, language under- stood and customarily used in the insurance industry) 3. Ensure certificates re- ceived are compliant with insurance requirements 4. Align contract insurance requirements with coverage being requested 5. Address and shift notice of cancellation requirements to the vendor
Based on the (hazardous) activities vendors are per- forming on behalf of an orga- nization, as well as the size of contract involved, different minimum insurance stan- dards may apply. Most often we find setting criteria for low, medium and high hazard activities to be effective in gauging requirements. You’ll want to be sure you under- stand that not all liabilities assigned to the vendor in a contract are insurable. Steve Edelstein is an in- surance producer with As- suredPartners and focuses on risk management and insurance consulting for commercial and residen- tial real estate clientele.
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