This article provides general information about Certificates of Insurance (COI), including their purpose, common requirements, and best practices for obtaining and maintaining them. COIs are essential documents, serving as proof of insurance coverage and compliance with contractual requirements.
What is a Certificate of Insurance?
A Certificate of Insurance is a document issued by an insurance company or broker that verifies the existence of insurance coverage. It provides a snapshot of your insurance policies, including types of coverage, policy numbers, coverage limits, and effective dates. COIs are frequently required to demonstrate adequate insurance coverage before beginning work on a project.
Industry Relevance
COIs are crucial documents for risk management and contractor qualification. Operators and prime contractors typically require specific coverage types and limits based on the scope of work, including General Liability, Workers' Compensation, Automobile Liability, and Excess/Umbrella Liability coverage.
Federal vs. State Requirements
While COIs themselves aren't regulated at the federal level, certain insurance requirements (such as Workers' Compensation) vary by state. Additionally, some states have specific requirements regarding COI forms and language.
Timeline and Requirements
- COIs should be current and updated when policies renew
- Required before work begins on any project
- Must be maintained throughout the duration of the project
- Should be reviewed at least annually or when policies change
Official Resources
- ACORD Forms (Industry Standard): www.acord.org
- National Association of Insurance Commissioners: www.naic.org
- State Insurance Department Websites (varies by state)
Common Submission Issues
When submitting Certificates of Insurance, ensure you avoid these common issues:
- Missing required endorsements (Additional Insured, Waiver of Subrogation)
- Expired coverage dates
- Insufficient coverage limits
- Incorrect or missing certificate holder information
- Missing required coverage types
Related Requirements
Frequently Asked Questions
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Q: How do I obtain a COI?
A: Contact your insurance agent or broker. They will generate the certificate based on your current policies. -
Q: How often should I update my COI?
A: COIs should be updated whenever policies renew or change, typically annually. -
Q: What's the difference between being a certificate holder and an additional insured?
A: A certificate holder simply receives proof of insurance, while an additional insured receives certain coverage rights under the policy.
If you are subcontracting through RUSCO/Workrise, there may be additional requirements and/ or considerations for your COI coverages and certificate holder. Please do not hesitate to reach out to your Supply Chain Representative if you have any questions.
For additional information or assistance with Certificate of Insurance requirements, please contact our vendor success team at vmsupport@workrise.com or by phone at (512) 368-9327. Our team is ready to help guide you through any questions or concerns you may have.