What Is A Certificate Of Insurance (COI)?

A certificate of insurance (COI) is a document that serves as proof of insurance coverage. The insurance company or a broker completes the form. Many types of companies are required to present a certificate of insurance before they are hired or contracted to perform their services. 

What is in the Certificate?

The insurance certificate is a summary of the terms of the insurance policy. It is essential to ensure that the policy is in good standing and in full force. Additionally, it will include the policy limits and its types of coverages that are included in the policy. The certificate will also confirm the name and address of the policyholder and the policy’s effective date. The insurance certificate should be updated as of the date it is requested. 

What Types of Companies Asked to Provide a Certificate?

There is a wide range of service companies that are typically asked to provide a certificate of insurance. The list of service companies would include but is not limited to, plumbers, electricians, roofers, gutter cleaning services, decorators and designers, and painters. Some larger Business clients may also require a certificate from their landscaping company. Moving companies will also frequently be required to provide proof of insurance coverage before scheduling a move into or out of a professionally managed building. 

Tips for the Client 

Be sure to obtain the certificate of insurance directly from the broker or insurance provider. The client’s information should also appear on the certificate. There is an area usually on the lower portion of the certificate that has space for the certificate holder’s information. The client should be named as the certificate holder. This is where the name or business name and full address of the client should be added, as well as the name of any additionally insured party or parties. 

Keep an Effective Certificate on File

It is important to verify the details listed on the certificate of insurance. Remember to keep track of the effective dates to ensure that there is a current certificate of insurance on file. If there are any errors, or if there is any missing information on the certificate, always contact the insurance company immediately to request a corrected certificate. This important step will help to minimize any confusion should a situation arise at the workplace.

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