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Tips & Traps: Certificates of Currency – a Trap for Brokers
Certificates of Currency are often provided to clients and third parties without due consideration of the possibility of that policy may not remain current for the period shown in the Certificate.
Brokers should not issue a Certificate of Currency to a client unless you are acting under a Binder Agreement and the insurer has authorised the issue.
If you don’t act under a Binder, then either obtain a Certificate of Currency from the insurer or issue a Certificate of Placement which shows when you placed the risk and the date at which the information is current.
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