Certificate of Insurance
What Is a Certificate of Insurance (COI)?
A Certificate of Insurance—also known as proof of insurance—is a snapshot of a policyholder’s existing insurance coverage.
COIs do not extend, change or even affect your actual policy. They are simply a way to show someone (usually a customer or contractor you’re working under) what insurance coverage you already have. COIs need to be very detailed and thorough, so they include a lot of information, such as what type of insurance coverage you have, your policy limits, and the insurance company that covers you.
Certificates of Insurance are typically requested by the person or company who is hiring you to complete a job for them. Whether they are hiring you as a vendor or a subcontractor, the COI can help foster a level of trust between you and those you do business with.
How to Get a Certificate of Insurance
Your COI can be obtained through your insurance agent or carrier but before you contact them, you will need to find out exactly what information is needed.
Customers and prime contractors may have certain requirements regarding the type and amount of coverage you have. If your policy doesn’t meet these requirements, you may need to update it.
Your insurance agent will need the following information:
- The name and contact information (mailing address, email address, and/or fax number) of the person or business asking for the COI
- The loan or account reference number (if applicable)
- Special wording requests (if applicable)
- Insurance requirements (coverage limits, policy types, Additional Insured, Waiver of Subrogation, etc.)
Obtaining your Certificate of Insurance is free of charge (or, at least it should be). If your insurance agent ever charges for a COI, it could be time for a new one.
At Summit Insurance, we make requesting a Certificate of Insurance as easy as possible. Simply fill out the above form and we will fulfill your request as soon as we can.
How Long Will It Take to Get a COI?
Receiving your Certificate of Insurance can take anywhere from a few minutes to a few weeks.
While your COI doesn’t change or affect your insurance coverage, it does make a representation that we stand behind when issuing and signing it. We need to verify your certificate against your policies and this process takes time.
If you are able to submit all of the necessary information with your request, this will speed up the process. At Summit Insurance, our goal is to have your COI ready within 24 hours of your request.
Please understand, however, same day requests aren’t always possible.
If you need to update your policy to satisfy the requirements of the person or business requesting a certificate from you, this will slow things down, as we will need to get a quote from your insurance carrier and get your permission to make the change. There may even be a price change or paperwork for you to sign.
Request a Certificate of Insurance Online
Our agency’s goal is to keep your insurance experience as frustration-free as possible.
We understand the importance of doing business quickly and seamlessly, which is why we do our best to get your certificate as soon as we can. If you are ready with the details (and don’t need to update your policy), your COI can be issued within 24 hours so you can get back to work with minimal downtime.
And if your insurance coverage does need a bit of tweaking, rest assured that we will provide you with a series of quotes that take all of your needs into account.