Certificate of Insurance - What you need to know
Written by Simon Taylor
A Certificate of Insurance is a document that provides evidence of your insurance. It typically outlines the key covers provided, policy numbers, insurance company, amount of cover offered, and is provided either by your insurance broker or insurer.
When are Certificates of Insurance required?
Many companies will not engage with a third-party unless they are able to demonstrate they have purchased minimum amounts insurance. Depending upon what products and services you are planning to provide to your client, they may request you arrange minimum amounts of cover for:
Why Certificates of Insurance are important?
They serve as a useful tool in risk management because they serve as tangible proof the business or individual has sufficient insurance in place. Many contracts will stipulate the need for insurance coverage to protect all parties involved. COIs provide a standardised way to communicate and verify compliance with these contractual requirements.
Additionally, there are certain industries or regulatory bodies that have specific insurance requirements. COI’s help businesses demonstrate compliance with these regulations and maintain good standing within their respective industries.
How to obtain a certificate of insurance?
Why shouldn’t you share your schedules and policy wordings with a third-party?
It's worth remebering that Certificates of Insurance not guarantees
The above information is correct at the time of writing and is provided to you as a matter of information only. It has not been prepared for, and may not meet the requirements of, any other party. Any third party to whom it is supplied should therefore take such steps as it considers necessary to satisfy itself that its own requirements have been met.
This Certificate of Insurance does not make the person or organisation to whom it has been issued an additional Insured, nor does it modify in any manner the Contract of Insurance between the Policyholder and the insurer. The policy cover will be the course subject to the Terms and Conditions.
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About the author
Simon Taylor is a respected senior industry professional and a Chartered Insurance Broker with over 20 years’ of experience in the commercial insurance sector as an underwriter, broker and director.