A new study from Evident shows that both performance and process for verifying and improving insurance coverage for third parties vary greatly, with 75% of third parties not meeting the insurance requirements established by a company requesting verification.
The insurance verification-as-a-service provider conducted the study amongst customers and the partners, vendors, suppliers and franchisors for whom they verify coverage.
"In order to be certain that coverage is active and in place, enterprises expend a great deal of effort to verify their third parties' proof of insurance. Evident's findings indicate that many enterprises struggle to perform this function and, hence, have a significant amount of vicarious liability hidden within their own third-party networks," said Evident in its report, "The State of Third-Party Insurance Verification" that details the study's findings.
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