CoralBK Receives Patent for New Method of Verifying Insurance
Menlo Park, CA – Coral Building Knowledge, LLC announced today that it has secured exclusive rights in the United States to a new system and method of insurance verification in the building industry.
The patent, entitled “Insurance Verification System,” will simplify the complex process of obtaining verification of adequate insurance coverage when contracting construction companies.
The team at CoralBK observed there was no practical or functional way to independently verify the insurance coverage information submitted by a contractor was accurate or valid. The I-VERIFY™ system provides a way to efficiently authenticate the information received from contractors by communicating directly with the insurance companies. The insurance companies verify that the insurance coverage being employed is not only adequate, but also that the level of protection is maintained throughout the duration of the contract.
Since the company’s founding in 2009, CoralBK has worked to improve the chances of the small entrepreneurial builder in the post-Great Recession construction industry. With the help of Brian Bathurst, a patent attorney with Menlo Park-based law firm Carr & Ferrell, LLP, they have gained the sole rights to the use of their newly-developed technology.
Bob Jones, co-creator and co-inventor of CoralBK, voiced his appreciation for the firm’s efforts, saying, “We appreciate the expert support provided by Carr & Ferrell throughout the entire patent process.”
The software will not only level the playing field for smaller construction startups that are being held hostage by their obsolete legacy accounting platforms, but will also provide an advantage over the industry giants.