A Certificate of Insurance (COI) is proof of coverage, not the policy itself.
What a COI Shows
- Named insured
- Policy numbers
- Coverage types
- Limits
- Effective dates
- Certificate holder
What a COI Does Not Do
- Modify coverage
- Guarantee coverage for a specific claim
- Automatically add additional insured status
- Replace policy language
Why COIs Matter
Commercial contracts often require specific limits, additional insured endorsements, waivers of subrogation, and primary & non-contributory wording.
Common Mistakes
- Not reviewing contract requirements before issuing a certificate
- Failing to update annually
- Assuming certificate equals endorsement
Best Practices
- Review contracts first
- Verify endorsements
- Track expiration dates
- Maintain organized certificate log
For help reviewing contract insurance requirements, contact Prosperity North Advisors to schedule a consultation.