Certificates of Insurance Act
Certificates of Insurance Act
On April 10, the Certificates of Insurance Act will take effect in New Jersey. The provisions of this act will apply to all certificates of insurance issued in connection with property, operations or risks located in New Jersey, regardless of where the policyholder, insurer, insurance producer or person requesting or requiring the issuance of a certificate of insurance is located.
According to the Act, “A person shall not: (1) Alter or modify a certificate of insurance form filed with the commissioner; (2) Prepare, issue, request, or require the issuance of a certificate of insurance that contains any false or misleading information concerning the referenced policy of insurance; or (3) Prepare, issue, request, or require the issuance of a certificate of insurance that purports to alter, amend, or extend the coverage provided by the referenced policy of insurance.”
The law gives the insurance commissioner the power to impose fines of up to $1,000 per violation.
Please contact your KMRD Partners relationship manager or click here to request a Certificate of Insurance or access Xchange to issue your own using one of our approved templates.
KMRD reduces the overall cost of risk for clients by producing a greater value for each insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution. The firm’s diagnostic process is supported by its unique collaborative technology, KMRD XCHANGE ®
We are dedicated to anticipating risk and helping firms recover from unplanned events that wait on the other side of one minute from normal.
To identify and correct coverage and service gaps in your business insurance risk profiles contact us at contactus@kmrdpartners.com before one minute from normal strikes.
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