Understanding certificates of insurance
Certificates of insurance, or COIs, are similar in purpose to auto insurance identification cards. Both documents are issued by the insurer to outline the basic information of an active insurance policy. The information includes the type of coverage, the effective dates of the policy, and coverage limits.
COIs can document professional or general liability insurance, commercial property and auto insurance, and workers' compensation insurance. They're normally issued upon request by business partners in situations that involve shared risk. A general contractor, for example, may ask its subcontractors to provide COIs.