New Summer Hours! Our office will close at 3:00 pm on Fridays from May 26th thru September 1.
Test Banner 2
News
Alteration of COIs is Not Legal
Bulletin – Monday, February 16, 2009
The Insurance Department has confirmed that the alteration of insurance certificates is an improper practice subject to enforcement. This statement of policy may curb abuses that have been occurring in Pennsylvania. The notice reminds producers of the risks involved with the alteration of certificates. Over the last few years, producers have been under mounting pressure from insureds to issue certificates that contained onerous provisions and departed from policy language.
Producers who do "the right thing" and refuse to alter certificates of insurance are now in a better position to explain to their clients that their request cannot be granted, and will level the playing field for producers. It should also help contain the number of E&O claims paid in relation to improper issuance of certificates, a number that has been steadily increasing across the nation.
Read the Insurance Department's Notice here...
Producers who do "the right thing" and refuse to alter certificates of insurance are now in a better position to explain to their clients that their request cannot be granted, and will level the playing field for producers. It should also help contain the number of E&O claims paid in relation to improper issuance of certificates, a number that has been steadily increasing across the nation.
Read the Insurance Department's Notice here...