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The Basics of Contractual Risk Transfer, Additional Insureds and Certificates of Insurance





Description

Contractual risk transfer is a common risk management technique. The purpose is to push the responsibility for any injury or damage down to the party closest to and best able to control the operation or the outcome the person or entity doing the work. Upper tier contractors have the potential to be held vicariously liable for the actions of their subcontractors, so they use contractual risk transfer as one method for mitigating their exposure; that’s just good risk management.

 

Beyond contractual risk transfer, upper tiers generally place specific insurance requirements on the lower tier (or downstream) contractor. One of these requirements is that the lower tier name the upper tier (the upstream contractor) as an Additional Insured on its policy. What affect does this have on the lower tier’s coverage?  

 

With all the contractual risk transfer and insurance requirements in place, the upper tier is going to ask for proof that the lower tier has complied with all the requirements by providing a Certificate of Insurance. The problem with certificates is all the weird and excessive wording sometimes requested or required. Should the agent comply with these requirements?

 

In this class we discuss:

  • The basics of contractual risk transfer; how it is accomplished and key provisions agents should look for and look out for;
  • How Additional Insured status affects the lower tier’s policy and protection; and
  • The do’s and don’ts of Certificates of Insurance. 

Course Materials

Faculty

Christopher J. Boggs's Profile

Christopher J. Boggs Related seminars and products: 8

CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS


Christopher J. Boggs, CPCU, ARM, ALCM, LPCS, AAI, APA, CWCA, CRIS, AINS, joined the insurance industry in 1990. He is the Executive Director of the Independent Insurance Agents and Brokers of America (Big "I") Virtual University. His current duties involve researching, writing, and teaching property and casualty insurance coverages and concepts to Big "I" members and others in the insurance industry.

 

During his career, Boggs has authored more than 300 insurance and risk management-related articles on a wide range of topics as diverse as Credit Default Swaps, the MCS-90, and enterprise risk management. In addition to this, Boggs has written 13 insurance and risk management books:

  • "The Insurance Professional's Practical Guide to Workers' Compensation: From History through Audit," now in its second edition;
  • "Business Income Insurance Demystified: The Simplified Guide to Time Element Coverages," now in its third edition;
  • "Property and Casualty Insurance Concepts Simplified: The Ultimate 'How to' Insurance Guide for Agents, Brokers, Underwriters and Adjusters;"
  • "Wow! I Never Knew That! 12 of the Most Misunderstood and Misused P&C Coverages, Concepts and Exclusions;"
  • "Insurance, Risk & Risk Management! The Insurance Professional's Guide to Risk Management and Insurance;"
  • "Workers' Compensation: How You Can Effectively Answer Your Clients 12 Most Commonly Asked Questions;"
  • "Glossary of Insurance Terms;"
  • "Choosing the Best Risk Financing Option;"
  • "Writing Property and Liability Coverage for Condos;"
  • "The Truth about Enterprise Risk Management;"
  • "The Experience Mod Worksheet;"
  • "What has ISO Done to us Now?" and
  • "Cancellations, Non-Renewals & Conditional Renewals: THE Insurance Professional's Guide to Statutory Insurance Carrier Notification Requirements for All 50 States!"

 

Boggs is a regular speaker at industry events, speaking for groups such as the National Association of Mutual Insurance Companies (NAMIC), the National Society of Insurance Premium Auditors (NSIPA), the American Association of Managing General Agents (AAMGA), the Institute of Work Comp Professionals (IWCP), and the CPCU Society.

A graduate of Liberty University with a bachelor's degree in Journalism, Boggs' background includes work as a risk management consultant, loss control representative, producer, claims manager, and quality assurance specialist


Dates

Thu, Nov 14, 2019 - 11:00a to 03:00p MST
Thu, Nov 21, 2019 - 11:00a to 03:00p MST
Thu, Dec 05, 2019 - 11:00a to 03:00p MST
Thu, Dec 12, 2019 - 11:00a to 03:00p MST
Thu, Dec 19, 2019 - 11:00a to 03:00p MST
Wed, Jan 08, 2020 - 11:00a to 03:00p MST
Thu, Jan 09, 2020 - 11:00a to 03:00p MST
Thu, Jan 16, 2020 - 11:00a to 03:00p MST
Wed, Feb 12, 2020 - 11:00a to 03:00p MST
Thu, Feb 13, 2020 - 11:00a to 03:00p MST
Thu, Feb 20, 2020 - 11:00a to 03:00p MST
Wed, Mar 11, 2020 - 11:00a to 03:00p MDT
Thu, Mar 12, 2020 - 11:00a to 03:00p MDT
Thu, Mar 19, 2020 - 11:00a to 03:00p MDT
Wed, Apr 08, 2020 - 11:00a to 03:00p MDT
Thu, Apr 09, 2020 - 11:00a to 03:00p MDT
Thu, Apr 16, 2020 - 11:00a to 03:00p MDT
Wed, May 13, 2020 - 11:00a to 03:00p MDT
Thu, May 14, 2020 - 11:00a to 03:00p MDT
Thu, May 21, 2020 - 11:00a to 03:00p MDT
Wed, Jun 10, 2020 - 11:00a to 03:00p MDT
Thu, Jun 11, 2020 - 11:00a to 03:00p MDT
Thu, Jun 18, 2020 - 11:00a to 03:00p MDT
Wed, Jul 08, 2020 - 11:00a to 03:00p MDT
Thu, Jul 09, 2020 - 11:00a to 03:00p MDT
Thu, Jul 16, 2020 - 11:00a to 03:00p MDT
Wed, Aug 12, 2020 - 11:00a to 03:00p MDT
Thu, Aug 13, 2020 - 11:00a to 03:00p MDT
Thu, Aug 20, 2020 - 11:00a to 03:00p MDT
Wed, Sep 09, 2020 - 11:00a to 03:00p MDT
Thu, Sep 10, 2020 - 11:00a to 03:00p MDT
Thu, Sep 17, 2020 - 11:00a to 03:00p MDT
Thu, Oct 08, 2020 - 11:00a to 03:00p MDT
Wed, Oct 14, 2020 - 11:00a to 03:00p MDT
Thu, Oct 15, 2020 - 11:00a to 03:00p MDT
Wed, Nov 11, 2020 - 11:00a to 03:00p MST
Thu, Nov 12, 2020 - 11:00a to 03:00p MST
Thu, Nov 19, 2020 - 11:00a to 03:00p MST
Wed, Dec 09, 2020 - 11:00a to 03:00p MST
Thu, Dec 10, 2020 - 11:00a to 03:00p MST
Thu, Dec 17, 2020 - 11:00a to 03:00p MST

State Specific Details

State Approval Information Details

KS - This course is approved for 4 hrs CE - Course#  6000015094

Note -  KAIA will file your earned CE electronically within 10 business day after course completions

MI - This course is approved for 4 hrs CE - Course# 78957

TN - This course is approved for 4 hrs CE - Course# 30272

NY - This course is approved for 4 hrs CE - Course#NYCR-258933

GA - This course is approved for 4 hrs CE - Course#54165

LA - This course is approved for 4 hrs CE - Course#30300

NE - This course is approved for 4 hrs CE - Course# 38373

UT - This course is approved for 4 hrs CE - Course#35852

NJ - This course is approved for 4 hrs CE - Course#88900360

MT - This course is approved for 4 hrs CE - Course#6000031947

ME - This course is approved for 4 hrs CE - Course#25736

WV - This course is approved for 4 hrs CE - Course# 106481

 


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