Beyond the basics: Advanced strategies for COI management in real estate
In today's complex business environment, understanding and managing insurance-related documentation is crucial for companies across various industries, particularly in commercial real estate (CRE).?
This collection of articles delves into the intricacies of insurance compliance, focusing on certificates of insurance (COIs), common mistakes in insurance management, and the impact of climate change on insurance costs.??
Whether you're a property manager, risk assessment professional, or business owner, this comprehensive overview will equip you with essential knowledge to enhance your insurance compliance strategies and mitigate potential risks.?
?
1. What is a certificate of insurance?
A COI is a document issued by an insurance company or broker. The COI verifies the existence of an insurance policy and summarizes key aspects and conditions of the policy. Without a COI, a company or contractor will have difficulty securing clients because they will likely not want to assume the risk of any costs that might be caused by the contractor or provider.?
?
2. 10 common insurance compliance mistakes?
Insurance compliance management can be a complex task for many CRE companies. Properly assessing insurance requirements, streamlining COIs, and managing tenant expectations requires a sound strategy and continuous monitoring.???
Still, many companies fall short in managing these processes effectively and efficiently. It leads to avoidable mistakes that can increase risk exposure and undermine operational efficiency.?
?
领英推荐
3. How to read a certificate of insurance?
In charge of reviewing COIs and struggling to make sense of complicated insurance terms, coverage types, and limits? Learn everything you need to know about checking COIs for compliance, including how to compare limits against your insurance requirements, how to decipher the contents of the Description of Operations box, what various coverages mean and more.??
?
4. Climate change impacts elevate US commercial real estate insurance costs?
Atmospheric rivers. Superstorms. Cold waves. Wildfires. These are just a few of the extreme weather events that have impacted regions across the United States over the past few years. Due to its location and topography, population growth and development in climate-vulnerable areas, and the growing impact of climate change, the United States leads the world in extreme weather catastrophes.?
The insurance industry is responding to the proliferation of extreme weather events and the risks associated with operating commercial buildings in vulnerable areas by increasing premiums.?
?
5. Prism and Jones will integrate to elevate COI management?
From tracking multiple policies to verifying compliance to sending countless emails to tenants and vendors, managing COIs can be a hassle for property teams.???
COIs are essential for ensuring compliance and managing risk, but the process can be complex, time-consuming, and repetitive.??
But now, there’s a better solution.???