What is Certificate of Insurance?
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.
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.
- 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. Click here for more information
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.
Understanding Details of a Certificate of Insurance
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