Because the insurance industry has not kept up with the pace of the changing economy, up to 40% of independent contractors are non-compliant at any given time, according to Bunker. San Francisco start - up Bunker has launched a programme that provides up - to - date certificates of insurance ( COI ) to collate claims and combat fraud . Nearly 40 % of independent contractors are not compliant , with their insurance coverage , at any given time , according to Bunker ’s research . This leaves businesses and contractors vulnerable to damages , despite having valid COIs on file . The insurtech ’s website will instantly reflect changes to active insurance policies , and notify COI members when their policies change , are cancelled or expire . It will also allow members to create and maintain their own insurance requirements and share them with contractors .
San Francisco start - up Bunker has launched a programme that provides up - to - date certificates of insurance ( COI ) to collate claims and combat fraud . Nearly 40 % of independent contractors are not compliant , with their insurance coverage , at any given time , according to Bunker ’s research . This leaves businesses and contractors vulnerable to damages , despite having valid COIs on file . The insurtech ’s website will instantly reflect changes to active insurance policies , and notify COI members when their policies change , are cancelled or expire . It will also allow members to create and maintain their own insurance requirements and share them with contractors .