Certificate Of Insurance Management

Here are the top 10 secrets to better “In-House” COI Management

  1. Request a valid Certificate of Insurance from each subcontractor that shows your organization named as an additional insured. Then, make sure that you get it. Send them an example certificate so that there is no confusion.
  2. Formally request that your company be added as an “additional insured” on all of your subcontractor general liability insurance policies. Check the spelling of your company name carefully when you get the COI.
  3. Read the coverage limits on the COI to make sure that they are adequate for your operations.
  4. Request changes to coverage limits if they do not meet the minimum requirements outlined in your own contracts that may specify what your insurance limits need to be to comply.
  5. Ensure that the subcontractor’s insurance company has actually endorsed the addition of your company as an additional insured. A COI is not an endorsement, so check the policy and get a copy of the endorsement from time to time.
  6. Read the endorsement carefully, particularly any amendments of exclusions noted on the endorsement or COI that change the coverage provided by the GL policy.
  7. Record the coverage period for each policy as expressed on the Certificate of Insurance and set a reminder in Outlook, your Operations Management System, or your PDA well in advance of the renewal date to make sure that you request an updated COI each year. You may receive it very close to the expiration date FYI.
  8. Check any changes to required limits of coverage annually – both to your own policy and your tenant and vendor policies. Always continue to request the Additional Insured endorsement too and READ IT per 5 & 6 above.
  9. Send copies of all certificates (in electronic format) to your insurance agent and to your insurance company.
  10. Purchase an effective operations management system with a certificate of insurance tracking program to help you to effectively manage this process. Construction Pros provides this service to our clients FYI.