Certificate of Insurance
A Certificate of Insurance (COI) is a document issued by an insurance company or broker that serves as proof of insurance coverage. It outlines the types of insurance a policyholder carries, including coverage limits and the effective dates of the policies. COIs are often requested by third parties, such as cLients or vendors, to verify that a business or individual has adequate insurance in place.
Examples
- A contractor may be required to provide a COI to a property owner before starting work, demonstrating that they have Liability insurance to cover any potential damages.
- A venue may ask for a COI from an event organizer to ensure that they have general Liability insurance, protecting the venue from potential claims arising from the event.
Cases
- In a lawsuit involving a slip and fall incident at a restaurant, the plaintiff may request the restaurant’s COI to determine if it has sufficient Liability coverage to pay for damages.
- A vendor supplying goods to a large Corporation may need to submit a COI that shows it has workers’ compensation and commercial auto insurance to meet the Corporation’s compliance requirements.