CoralBK Receives Patent for New Method of Verifying Insurance

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The patent simplifies the complex process of obtaining insurance verification.

Coral Building Knowledge, LLC announced today that it has secured a patent and the exclusive rights in the United States to an online computer-implemented system and method for verifying insurance.

The patent, entitled “Systems and Methods for Insurance Verification,” simplifies the complex process of obtaining verification that insurance compliance requirements between contracting parties have been met, remain in force and valid during the term of the contract.

The team at CoralBK observed there was no practical or functional way to independently verify the insurance coverage information submitted by one party to another party was accurate or valid. The I-VERIFY™ RI$K Management Platform was developed to efficiently authenticate the information received from a contracted party by communicating directly with the contracted parties’ insurance provider. The insurance provider electronically verifies that the insurance information is not only accurate, but also that the level of protection is maintained throughout the duration of the contract. I-Verify™ allows hiring parties to easily contract with insured parties on standard documents, track, verify, and maintain up to date proof of insurance coverage.

Since the company’s founding in 2009, CoralBK has developed its business networking technology by integrating sophisticated business logic with easy-to-use social networking standards and the latest web technologies to improve the visibility of critical information among all CoralBK community members. 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. We are grateful that we had the good fortune to work with such an experienced and professional team who were dedicated to protect our Intellectual Property.”

Coral Building Knowledge, LLC intends to license its newly patented technology to Insurance Carriers, Insurance Agencies, Lenders, Commercial Property Owners, Software Providers and to the Residential and Commercial Construction Industries.

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Marie Huie