Avoiding Certificate of Insurance Fraud
Our Chief Regulatory & Compliance Officer, Richard Magrann-Wells, recently wrote an article for RMMagazine.com on avoiding COI fraud.
Certificates of insurance can sometimes be used as a means to commit fraud. Take the case of Adan Deniz, a plumbing contractor in Santa Clarita, California, who currently under indictment for 21 felony counts of forgery, theft by false pretense and workers compensation insurance fraud. The contractor is accused of falsifying 10 certificates of insurance and avoiding $52,269 in insurance premiums. Between July 2016 and July 2019, Deniz was found to have underreported his company’s payroll by $426,750. It is alleged that he submitted fake certificates to his clients and even government agencies in order to procure work.