Certificate of Insurance (COI)

A Certificate of Insurance (COI) is a document that provides proof that an insurance policy is in force. It typically includes the name of the insured, the name of the insurer, the policy number, the coverage limits, and the effective and expiration dates of the policy.

A COI is often required by businesses and individuals when they are applying for a loan, leasing a property, or entering into a contract. It can also be used to verify that an individual or business is insured in the event of a claim.

There are two main types of COIs:

• A blanket COI covers all of the insured's properties and exposures.
• A specific COI covers a specific property or exposure.

The amount of information that is included on a COI will vary depending on the type of policy and the needs of the insured. However, all COIs should include the following information:

• The name of the insured
• The name of the insurer
• The policy number
• The coverage limits
• The effective and expiration dates of the policy

In addition to this basic information, a COI may also include:

• A description of the insured's property or exposures
• The deductible amount
• The premium amount
• The terms and conditions of the policy

A COI is an important document that can help to protect both the insured and the insurer. It is important to make sure that you understand the terms of your policy and that you have a COI in place before you enter into any major financial transactions.

Here are some additional tips for working with COIs:

• Always read the COI carefully before you sign it. Make sure that you understand the coverage limits, deductibles, and other terms of the policy.
• If you have any questions about the COI, contact your insurance agent.
• Keep a copy of the COI in a safe place. You may need it to prove that you have insurance in the event of a claim.
• Update your COI whenever your insurance coverage changes. This includes changes to your property, your exposures, or your deductible.

By following these tips, you can help to ensure that you have the protection you need in the event of a claim.