Hey,
I have recently bought insurance and my father has specifically asked me to get a certificate of insurance. I did not know what is a certificate of insurance, so I asked him to explain it to me. Let me pass on the info he shared with me:
A certificate of insurance is issued by a broker or insurance company. It verifies that the concerned insurance policy exists and summarises the key conditions and aspects of the policy. For instance, a standard certificate of insurance includes the name of a policyholder, policy limits, the type of coverage, policy effective date, and other significant details of the policy.
When Do You Need A Certificate Of Insurance
You can use a CoI in situations where significant losses and liability are of concern and need one, which is in most business contexts. A small-business owner and contractor often have a certificate of insurance that grants protection against liability for accidents or injuries.
Without a certificate of insurance, a business owner or contractor may face issues in getting contracts. Because several individuals and companies hire contractors, the client wants to know that a contractor or business owner has liability insurance so that they won’t assume any risk if the contractor has the responsibility for injury, damage, or substandard work.
How to Get a Certificate of Insurance
The CoI can be issued in online or physical format. They are required to be offered to the Master Policy Holder (the group’s manager) and are distributed by them to the group member. If you need a certificate of Insurance, then you are required to reach out to your broker.
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Authors Of The Question
What is a certificate of insurance?
Varun
166Views
2 Year
2022-07-22T18:02:41+00:00 2022-07-22T18:46:00+00:00Comment
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