Challenges of Managing Certificates of Insurance for Homebuilders

Homebuilders are in the business of trust, relying on their good name to grow their business as they build new homes for families. But while they’re focused on the specifics of developing a neighborhood, the administrative challenges can sometimes derail operations. In particular, managing and tracking certificates of insurance can be a big issue. Subcontractors come and go, and when people are focused on delivering results on deadline, administrative tasks can fall through the cracks, putting companies at risk when they least expect it. “Certificates of insurance, on a large scale, impact the environment for commerce to occur,” says Lee Roth, vice president of Ebix BPO. “People need to know there’s protection should there be a need for it down the road.” Here are some of the issues that can arise when homebuilders manage COIs. Gaps in Coverage In other industries, when companies collect certificates and separate endorsements, the additional …

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3 Questions Answered About the DOL’s “Conflict of Interest Rule”

3 questions answered DOL Fiduciary Rule Conflict of Interest Rule

Over the last year you’ve probably been hearing a lot about the Department of Labor’s proposed fiduciary rule, affectionately known as the “Conflict of Interest Rule”. And it’s no wonder considering the impact it will have on the insurance and financial industries. The 900 page proposal isn’t necessarily something you’d want to sit down with after a long day at work and dig into. So let’s break it down. First of all, who is most affected by this ruling? Well, if you’re part of the financial or insurance industries, you’ll most likely feel the heat. The ruling would have a direct impact on insurance agents, brokers, and advisors, as well as their partners (i.e. insurance companies). What is the proposal actually trying to do? Let me answer this one on a high level. When you boil it down, the regulation will create a substantial change in the way retirement plan …

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