Insurance Endorsement Certificate Holder
The law does not prevent a certificate holder from requesting specific coverages or wording on the certificate but it does address what you put on the certificate.
Insurance endorsement certificate holder. The technical insurance explanation is the additional insured endorsement extends coverage to the certificate holder for his vicarious liability caused by the errors and omissions of the named insured policyholder. An additional insured means the person or entity has been added to the original policy and with the. A certificate of insurance holder is not the same as someone designated as an additional insured or loss payee. This highlights the really important difference for keeping your company safe as that construction firm owner.
Rather it is a document that shows your business is insured. A certificate of insurance is simply a representation at a point in time of the insurance policies that have been purchased by the party providing the evidence of insurance to the certificate holder. The main contractor is named as an additional insured on the certificate of insurance and is actually given coverage and has rights under the sub contractor s or vendor s the named insured. This can be modified slightly for a written notice to the policyholder.
As a certificate holder you are simply receiving proof of the insurance policies and limits that exist that day. Certificate holders possess proof of insurance on commercial general liability policies while additional insureds are other parties coverage has been extended to beyond the initial policyholders. Some certificates may also indicate whether the certificate holder holds a mortgage on insured property or is a lienholder on property or vehicles. Should a company be a certificate holder and an additional insured.
Additional insureds the purpose of being an additional insured on a policy is to provide you with insurance coverage and rights to defense under the policy. Also known as a coi you would provide a certificate of insurance to prove that you are insured. A listing as the certificate holder provides a coi that shows the. The additional insured endorsement extends that insurance coverage to the certificate holder.
Published may 26 2020 3 minute read. As a certificate holder you receive a copy of the certificate of insurance. Insurance certificates are issued by the licensed insurance intermediary who sold the insurance policies on a common copyrighted certificate of insurance template provided by the association for cooperative operations research and development acord organization. Originally published october 2018.
The main contractor is provided with a certificate of insurance that shows that the sub contractor or vendor the name insured does in fact maintain insurance and names the main contractor as the certificate holder it is just a proof of insurance. Probably the biggest misconception involves the scope of coverage offered to the certificate holder in the endorsement itself. Look for a box at the bottom labeled certificate holder. Exhibit 14 on page 51 of the best practices publication has sample wording intended for the certificate holder.
However a certificate of insurance is not insurance coverage itself.
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