The Coverage VerifierSM suite of services now offers CV-OFACSM for homeowners, personal auto, and commercial auto.
All U.S. insurance companies and their employees are required to screen their customers against the master list published by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury.
The screening ensures that you don't conduct business with persons or organizations involved in terrorism, international narcotics trafficking, or activities related to the proliferation of weapons of mass destruction. Failure to comply with that legal requirement can result in corporate or personal fines of up to $1 million and up to 12 years in jail.
Know your customers
When you participate in the Coverage Verifier database, you can take advantage of this unique service. Just submit data to ISO following a uniform standard we've developed — the Coverage Verifier data contribution format — and you're on your way to managing your risk.
Always in compliance
CV-OFAC will help you meet your OFAC requirements — automatically. Once you subscribe to the service, the system will check your insureds against the OFAC watch list each time you report policy transactions to the Coverage Verifier database. If the system finds a match, ISO will notify your company's designated OFAC representative.
ISO monitors the OFAC list daily to ensure the currency of the information. When the U.S. Department of the Treasury updates the OFAC watch list, Verisk immediately adds the new names to our database.
You understand that it's critical to know your customers. Participate in the Coverage Verifier database, and you can easily comply with OFAC requirements.
Find out more
To find out how the Coverage Verifier Suite of Services can help you, simply ask your A-PLUSTM sales representative. Or call A-PLUS at 1-800-856-7730.