Sample of Acord Form 25

Sample of Acord Form 25

Acord Form 25, ACORD Forms, C-Trax News
What is an Acord Form 25? Acord 25 is a type of liability insurance certificate that represents contractual agreements between the insured clients and the insurance firms. The Acord 25 form is a document that provides details on the type of insurance a client has paid for as well as the amount of money that is under the insurance policy chosen by the insurance company customer. The Acord 25 form also provides the information of all the parties that are listed on the insurance policy. The Acord 25 form essentially includes a summary of the information about the insurance coverage and serves as proof of an agreement between an individual (commonly listed as the Named Insured), many people (which can be shown as Additional Insureds), or a company, and an…
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How to Prevent Insurance Fraud using CTrax

How to Prevent Insurance Fraud using CTrax

C-Trax News, Certificate of Insurance
  The prevalence of Insurance Fraud Insurance fraud, per the online Legal Dictionary is “the wrongful or criminal deception of an insurance company for the purpose of wrongfully receiving compensation or benefits”.  Insurance fraud has become increasingly common in recent years with a significant increase of cases reported between years 2015 to 2017.  Due to the rise of fraudulent cases, the state of New Jersey’s Department of Banking and Insurance created the Bureau of Fraud Deterrence to help in the fight against insurance fraud.  Fraudsters, however, are getting craftier by the minute and defrauding many innocent people through dubious acts, a few of which involve staging auto accidents and forging Certificates of Insurance. The United States alone is estimated to lose over $80 billion yearly due to insurance fraud, a…
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Why Certificates of Insurance Software is Necessary

Why Certificates of Insurance Software is Necessary

C-Trax News, Certificate of Insurance, Government
Certificates of Insurance (COIs) are fickle creatures that present a sort of catch-22.  They are completely necessary for day-to-day business operations, while at the same time they add zero value and drain precious company resources.  Their purpose is to ensure coverage has been established.  As such, they are required to be documented, filed, requested, and delivered. Certificate Of Insurance Tracking Solution This was traditionally accomplished through slow-moving manual processes that consumed a tremendous amount of employee time. Unfortunately, the larger an organization is ―the more attention their COIs demand.  Government entities in particular are subject to handling excessively large loads of certificates of insurance.  This has created the necessity for enhanced COI software that can capably handle the day-to-day challenges of COIs. What is a Certificate of Insurance? A Certificate…
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Common Certificate of Insurance Problems

Common Certificate of Insurance Problems

ACORD Forms, C-Trax News, Certificate of Insurance
There are a number of issues that regularly surface when administering certificates of insurance and fulfilling contractual requirements. Read on for a list of 6 common problems that surround insurance certificates and the corresponding ways that they can be resolved. Policy Coverage Cannot be Altered by Certificates of Insurance Certificate holders are routinely misled by insurance certificates when employees edit COI information. This occurs when they misinterpret the coverages represented on the document as their contractual obligations. However, a certificate of insurance cannot amend or alter a policy without an official endorsement issued by the carrier that explicitly outlines the added, revised, or extended coverage.  Over 45 states have passed pertinent regulations surrounding certificates of insurance to protect all parties involved, including making it illegal to intentionally misrepresent policy information…
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Why Compliance Matters

Why Compliance Matters

C-Trax News, Certificate of Insurance
For businesses that work under a regulated environment, it’s important to adhere to compliance standards in order to keep operations at an optimal level. Internally, management teams are constantly reevaluating processes, (including insurance-related procedures,) to ensure they are safeguarded from any mishaps. An important effort, as insurance claims are often economically draining and can have a negative impact on a company’s reputation. This makes it necessary for a company to handle their certificate operations and third-party relationships in an effective manner. So that they can adequately safeguard against injuries to contractors and clientele, the liability from defective products, and any other potential lawsuits. From a risk management perspective, putting the proper strategies in place to protect your organization is of the utmost importance. Costly Consequences The purpose of COIs and…
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Main Challenges in 3rd Party Risk Management

Main Challenges in 3rd Party Risk Management

C-Trax News, Certificate of Insurance
Although digital advancements have helped streamline business processes, they have also spurred a handful of risks relating to data breaches. Due to this, many organizations are actively seeking to implement 3rd party risk management strategies to help protect themselves from a cyberattack. Put simply, 3rd party risk management is a means for businesses to analyze and mitigate risks that may arise due to a devastating attack on a third-party vendor. The effects of which, will not only impact business endeavors and daily operations, but will also wreak havoc on your company from an economic standpoint. The repercussions of not having a sound defense plan can be undeniably costly.  A cyberattack can easily effect a company’s monetary status, lose customer trust, and destroy their reputation. Some of the common challenges companies…
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OCR Capture Process

OCR Capture Process

C-Trax News
  The work week is a hectic time that’s filled with an endless amount of tasks that is soon over before anyone realizes it has even begun.  During this crazy time, the most important thing is to make sure that a person gets all of their work finished with accurate results in a timely fashion.  But sometimes there’s just too much going on, and an individual may find it difficult to complete all of their objectives before the week ends.  After all, we are only human, and mistakes happen.  This is why JDi Data developed CTrax Certificate of Insurance tracking, to help make work lives easier, more proficient, and increase company productivity. This is easily accomplished by CTrax’s key feature, JDI’s proprietary Optical Character Recognition (OCR) technology.  OCR is the…
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Expiring Certificate of Insurance

Expiring Certificate of Insurance

C-Trax News
  In order for a business to hire vendors, and for the vendor to successfully win a contract, it is important for them to provide an accurate Certificate of Insurance that details their coverage.  If the contractor being hired has high risk exposure, it becomes vital that their insurance coverage is accurate and up to date. Example* A business hires a contractor to build a new break area at an office building that will expose both the contractor and the employees at the office to the risk of bodily harm. If for whatever reason an incident was to occur during the construction process, it is crucial that the liability has been appropriately assessed and that coverage is available for the effected party.  An accurate and updated COI details all coverage…
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Document Library

Document Library

ACORD Forms, C-Trax News
Large businesses often require numerous vendors and subcontractors that they must use to conduct their affairs and accomplish the day’s tasks.  By law, certain professions are required to carry adequate insurance to protect them against any type of liability.  Oftentimes, a business wants to ensure that the vendor they’re hiring is operating in full accordance with these regulations. They also want to confirm that everyone involved is covered in case of an incident.  Manually keeping track of these Certificates of Insurance is an extensive affair that can quickly become an overwhelming process due to the sheer volume of paperwork and correspondence that is required.  CTrax solves this issue by providing an automated system that keeps track and stores all of a business’s COIs in an easily accessible document library. The…
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CTrax User

CTrax User

C-Trax News, Certificate of Insurance, OCR Optical Character Recognition
Gone are the days of slicing your fingers on thousands of paper documents in an effort to organize and manage Certificates of Insurance.  These days, businesses should be taking advantage the variety of software applications that can perform a company’s every need.  That is why CTrax is necessary for anyone who works long hours tracking and handling COIs, because it automates the entire process for hands-free management.  Not only that, but the CTrax dashboard readily delivers all necessary information directly to your fingertips. The CTrax dashboard is a critical application feature that saves both time and money, while mitigating risk.  It provides an easily accessible portal that allows for instant viewing of all relevant policy information.  By simply hovering over the high-level workflow station subsection, users can effortlessly select the…
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