As an insurance adjuster dealing with liability claims, I have come across many a times a scenario where the certificate of insurance provided by a third party contractor, upon which my insured is relying, turns out to be invalid, forged, or for that matter, the policy was canceled and coverage was not in place at the time of loss. So, is there a way to avoid such surprises? Apparently there is. I recently came across LTS Insurance Tracking and I was not able to stop myself from interviewing the President/CEO, Jacob Mark.
So Jacob, what does LTS do and how exactly to do the Insurance Tracking?
Shubham, we provide insurance tracking services with a variety of options to choose from. Basically, we can track insurance and validity of insurance certificates at the click of a button. We Track and confirm: • Liability Limits • Physical Damage Coverage & Deductibles • Additional Insured & Loss Payee • Insurance Carrier, Policy Number, Effective Dates • Agent Information • Vehicle and Equipment Information, including VIN / Serial Number/Lease or Loan # • Cancellation, Non-Renewal and Reinstatement Notices • All Renewals are Actively Pursued, even if the policy is “Continuous” • Agents are called when we have not received adequate responses to our letters. LTS has been expertly tracking insurance for over 3 decades. During that time, we have tracked over a million vehicles and a wide variety of equipment -ships, planes, railroad apparatus, construction equipment and office equipment
Great! So why can't we do it in house and why to use your services?
Undoubtedly one can choose to opt for inhouse tracking and assign maybe a staff member to do that. But, having said that, you may still face issues in keeping up with the tracking process. Here at LTS, we have a team who will always be on top of these things and will notify you as soon as a red flag is raised. We are affiliated with many insurers and can access their data base to make sure the certificates on file are valid and are not canceled. And of course, we are very cost effective. We will cost you less than the time and effort you will end up spending if you were to manage this in house. We are professionals and we guarantee you the peace of mind, to say the least.
Certainly! I am sure that if we can make sure that valid insurance is in place at all times, not just the peace of mind, but also one may get certain premium discounts on insurance which may ultimately offset your charges. This is some exciting stuff for me, to be honest.
Also, just want to mention here, whether you outsource tracking or keep it in-house, know you are still responsible to comply with the due diligence clause in your contingent liability policy. (You cannot sign this away with a tracking vendor’s contract.) Make sure the tracking process, its time frames and interpretation of proof of insurance agrees with what your insurance carrier has defined. If there are questions, run them by your insurance carrier.
Great Stuff!! So can we choose from different variety of tracking options/packages?
Absolutely! We have multiple tracking options depending upon the business and requirements.
OPTION #1: ACTIVE TRACK We Track and confirm: • Liability Limits • Physical Damage Coverage & Deductibles • Additional Insured & Loss Payee • Insurance Carrier, Policy Number, Effective Dates • Agent Information • Vehicle and Equipment Information, including VIN / Serial Number/Lease or Loan # • Cancellation, Non-Renewal and Reinstatement Notices • All Renewals are Actively Pursued, even if the policy is “Continuous” • Agents are called when we have not received adequate responses to our letters
OPTION #2: HIGH IMPACT TRACKING (HIT) If all our efforts at getting updated information fail, we assign the problem to our special HIT TEAM. They will call the parties directly to obtain the information.
OPTION #3: FLEXI-TRACK • This option is a Custom Designed Program created just for you. • You will get what you want, when you want it, where you want it, and how you want it. • We will collaborate closely with you to ensure that all your needs are met and all your problems are solved.
My pleasure Shubham!