One of the areas of ISNetworld® compliance that causes the most headaches for our clients is the insurance verfication process, or I-RAVS®. Each owner operator has specific liability insurance requirements, and you will be notified of them after you enroll in ISNetworld® and complete your preliminary questionnaire. In addition to the coverage requirements, you will also have to grant a waiver of subrogation in favor of the owner operator.
The I-RAVS® proces is very strict and you should carefully review your certificates of insurance before submitting them to ISNetworld®. Make sure all company names are spelled exactly right, and that all of the required policy limits and coverage types exactly match the requirements for each owner operator you work with. Common reasons for rejected certificates of insurance include:
- Company names were misspelled due to to typographical errors, or were truncated
- Company address was not listed correctly on the certificate
- The name of the contractor on the registration with ISNetworld® did not exactly match the name on the insurance certificate
- Requirement to notifiy owner-operator of policy cancellation was not expressly stated on the certificate of insurance
- Missing policy types
- Inadequate policy limits
- Language of waiver of subrogation did not exactly match the requirements
Your insurance agent should be able to work with you to make sure all of this information is accurately reflected in the certificate of insurance. ISNetworld® allows insurance agents to log in directly to the site and with your permission, upload insurance certificates on your behalf. This can be a great way to expedite the process. To find out more about the agent/broker tool, click here.
Have additional questions about ISNetworld® compliance? Let us know in the comments and we will address them in future blog posts.