Definition
The COI evidences coverage and normally must name the property owner as additional insured. It is issued for a policy period and has to be collected again at each renewal.
Proof of insurance coverage, typically required from commercial tenants and vendors.
The COI evidences coverage and normally must name the property owner as additional insured. It is issued for a policy period and has to be collected again at each renewal.
An office tenant provides a COI showing general liability with the landlord named as additional insured, valid through the policy year.
A COI is only protection while it is current. An expired certificate on a vendor who then causes damage puts the loss on your policy, and an uninsured contractor working on a property is exactly the scenario an insurer will ask about.
Collect the COI before work starts or before move-in, check the additional-insured wording and the coverage limits your lease or vendor agreement requires, and track the expiry date so the renewal request goes out before it lapses.
Filing the certificate without reading the limits, missing the additional-insured endorsement, and having no expiry tracking — which means you discover the lapse after the claim. Required coverage types and limits are a contractual and sometimes regulatory matter; have your requirements reviewed.
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