Understanding Details of a Certificate of Insurance

Understanding Details of a Certificate of Insurance » nTells

Understanding Details of a Certificate of Insurance

By Francis Izuoba In Business & Finance On 2020/12/03

Francis Izuoba
wrote in Business & Finance

Posted on 2020/12/03
Last edited 3rd December 2020 12:29:09 AM

Understanding Details of a Certificate of Insurance
https://ntells.com/news/understanding-details-of-a-certificate-of-insurance

What is Certificate of Insurance?

A certificate of insurance is issued by an insurance company or broker. The certificate of insurance verifies the existence of an insurance policy and summarizes the key aspects and conditions of the policy.

Certificate of Insurance lists the

policyholder name
Policy effective date
Type of coverage
Policy limit

And other important aspects of the insurance.

Without certificate of insurance, a company or contractor will have difficulty in securing clients, most hirers will not want to assume the risk of any costs that might be caused by a contractor or provider.

Understanding Certificate of Insurance

Certificate of insurance is used in situations where liability and significant losses are of concern and require one which is most business context.

Some business owners often have a certificate of insurance granting them protection against liabilities for workplace accidents and injuries.

Purchasing of an insurance policy will automatically come with a certificate of insurance.

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Validating a Certificate of Insurance

Typically, a client will request a certificate directly from the insurance company rather than the business owner or contractor.

The client should confirm that the name and policy coverage date is valid. i.e the name of the insured on the certificate is the exact match of the company name and the policy coverage date is not expired.

Details of a Certificate of Insurance

Certificate of Insurance contains separate sections for different types of liability coverage.

General
Auto
Umbrella
Worker`s compensation

The insured refers to the policyholder, the person or company that appears on the certificate of insurance as being covered by insurance.

The certificate of insurance also contains

Policy holder`s name
Mailing address
And describes the operations the insured performs

The address of the insurance company is also listed, alongside the contact information of the insurance agent or agency. If several insurance companies are involved, all names and contacts will be included.

The client name and Information appears in the bottom left corner.

We feel from our description, even without seeing a certificate of insurance, you can actually fix it up in your head and wait to see it when it arrives but that`s after you have paid for the insurance policy.

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Understanding Details of a Certificate of Insurance

Title Understanding Details of a Certificate of Insurance
Category Business & Finance
Posted on 2020/12/03 00:28
By Francis Izuoba
306 Audience Reached
Last Edited 3rd December 2020 12:29:09 AM
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