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Certrax Risk Compliance Solutions, Inc
Take Control of Your Enterprise 3rd Party Risk
Take Control of Your Enterprise 3rd Party Risk
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You’d rather be an additional insured on someone else’s liability policy, not an additional named insured!


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Many companies engage in business relationships with other firms. These relationships may create the risk of lawsuits.  Negligence committed by one company may trigger a lawsuit against the other. This article explains why additional insured coverage is needed.
certrax.com

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…”Although a certificate of insurance may identify a particular party as a certificate holder, a certificate holder is not the same thing as being named an additional insured…the certificate of insurance is generally issued only as a matter of information and confers no actual rights upon the certificate holder”.

#risk #knowyourcomplaince www.certrax.com

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Understanding insurance basics is only the first of many steps when you're working with a 3rd party. Knowing which documents help reduce your #risk and #liability is where most organizations fall short.
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The Lewark decision illustrates how additional insured status can depend upon the details of the insured’s contract with the purported additional insured.
#risk #riskmanagement
Ask us how we can help your organization! www.certrax.com


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Be sure to bookmark this article and refer to it each time you consider adding additional insureds to one of your organizations insurance policies.
www.certrax.com

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Certrax Risk Compliance Solutions, Inc. Do you rely on your insurance broker to audit 3rd party Certificates of Insurance (COI's) for your organization? Download our latest white paper to see what you could be missing.

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An example of why additional insured information must be accurate. In this example, the named additional insured was “Tesoro Corp.” instead of “Tesoro Refinery”. This mix up cost Tesoro $59.5 million.
#risk #riskmanagement
Ask us how we can help you! www.certrax.com

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Adding an additional insured on a general liability policy should not be dismissed as just a simple business decision that has no real consequences. There can be legal and financial consequences arising from that decision.

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