What Information Is Needed To Issue A Certificate Of Insurance?
Certificates of insurance (also referred to as a COI or “certs”) are often the most important piece of insurance documentation issued. They are used for many things in the normal course of doing business including, but not limited to:
- Closing a real estate transaction
- Securing financing
- Facilitating a merger or acquisition
- Responding to an request for proposal (RFP) or request for quote (RFQ)
- Securing a new customer
- Winning a contract, bid or job
- Facilitating risk transfer as part of active risk management
Unlike in the US where certificates of insurance are standardized per the ACORD form, and despite their incredible importance, there are a lot of misunderstandings about certificates of insurance and what information is needed to issue a certificate of insurance. As such we wanted to help clarify. When ALIGNED Insurance clients ask “What Information Is Needed To Issue A Certificate Of Insurance?” we explain that the answer depends on what level of detail is needed for the certificate of insurance. If our client is just looking to evidence the insurance they have typically a “to whom it may concern” certificate can be issued solely based on the policy information and can be done quickly and easily. However, often third parties require the certificate to made out to them explicitly, have their interests as an additional insured, loss payee, mortgagee etc. formally evidenced and/or require very specific coverage(s), limits etc. to be shown. In these cases all f the information outlined in the attached Certificate Of Insurance Request Form need to provided. This information can be sent via email, by passing along the formal document from the party requesting the certificate of completing and/or sending in the attached form to the broker or brokerage that handles the policy..
How Does ALIGNED Insurance Handle Certificate Of Insurance
Given the importance of certificates of insurance (COI) and to ensure the quickest possible turnaround time for our clients ALIGNED Insurance has developed and implemented a centralized intake and issuance process. As such all certificate of insurance requests are sent directly to firstname.lastname@example.org
Provided we have all the information needed and everything is within the scope of our clients existing coverage we’ll issue the certificate of insurance accordingly. Our team is well trained to review documents and will also let clients know if they have any questions or need any clarification and or additional information before issuing it.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves nearly 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours. Uniquely within the industry, ALIGNED business insurance brokers create, negotiate and deliver the best business insurance and risk management strategies/solutions to organizations like yours. As one of Canada’s fastest growing insurance brokerages, we invite you to learn more about us and connect @ALIGNEDonRisk, on Facebook or LinkedIn.|