Patent ID: 7660726

Claim:
A method for an indemnitee to verify insurance coverage of an indemnitor, comprising the steps of: storing first data indicative of contractual insurance requirements and related pertinent information into a database, wherein the insurance requirements include at least one type of insurance and a minimum monetary level of protection for each type of insurance that the indemnitor is contractually required to maintain to indemnify the indemnitee; requesting on behalf of the indemnitee proof of insurance from the indemnitor; providing a server system comprising a server computer connected to memory that stores the database, the server system performing steps comprising: receiving second data indicative of the indemnitor's insurance coverage information; storing the second data in the database; storing third data indicative of verified insurance information for a plurality of insurance policies corresponding to a plurality of insurance providers into the database; comparing the indemnitor's insurance coverage information with the contractual insurance requirements; determining if the indemnitor is not in contractual compliance; upon determining that the indemnitor is not in contractual noncompliance, automatically notifying the indemnitor or an insurance agent of the indemnitor that the indemnitor is not in contractual compliance; and automatically causing issuance of a contingency insurance policy to bring the indemnitor into contractual compliance upon: a predetermined time period elapsing subsequent to the notifying step, and not receiving proof of the contractual compliance, wherein determining that the indemnitor is not in contractual noncompliance comprises determining that a current insurance policy of the indemnitor does not meet the minimum monetary level of protection for the at least one type of required insurance.