Problems with Certificates of Insurance (COI) are one of the biggest frustrations that business owners have with their insurance agent. Our goal is to keep your insurance experience frustration free. All too often it’s 4:55pm on a Friday when a COI is needed. The General Contractor is holding your payment, and it feels like the insurance agent’s fault. All you need is that darn COI! The first step in the process is communication. If you know exactly what we need from you when it comes time for a COI you can prevent any dissatisfaction, speed up our ability to get you what you need and help us work as smoothly as possible!
Certificates of Insurance are basically summary snapshots of your policy. They do not extend, change or even effect your actual policy’s coverage. They consist of the following:
- The date of issuance
- Your contact information and our’s
- The name of all insurance companies with whom you have a policy (i.e. Business Owner, Auto and Worker’s Comp companies)
- The policy summary section that includes:
- Insurance company name
- Is the Certificate Holder (Requester) a Additional Insured or is the right to subrogation waived
- Policy number
- Policy start and end dates
- Limits of insurance coverage
- A remarks section
- A Certificate Holder (Who is it for?)
- Your insurance agent’s signature
Our goal is to get you a certificate within 24 hours of when you request it. That means we can’t always get that certificate asked for at 4:55pm by 4:59pm the same day. We’ll try, but it can actually be a complicated process. You see, even though a COI doesn’t actually change or effect your policy it still makes a representation that we stand behind by signing it. We need to check your policy and the certificate to make sure that all of the above information is correct. We even need to make sure that policy billing is current. It’s relatively simple, but it takes a little bit of time and we receive dozens of requests per day.
If the person or business requesting a certificate from you is also asking for specific wording and/or policy features like Additional Insured status or a Waiver of Subrogation this can really slow things down. You may already have these things, but you may not. If you don’t we can’t just add them. They often cause your price to change, so we need to first get a quote from your company. Then we need to present it to you and get your permission to make the change. Often there is even paperwork to sign. See how 4:59pm just became impossible for that 4:55pm request? Or even a 2:00pm request from that same day.
The moral of the story is that we are going to try as hard as we can to get you your certificate as quickly as possible. In most cases this means within 24 hours. If you are ready with details on the following we can get your certificate issued and get you on your way as quickly and seamlessly as possible!
- Who’s asking for the certificate? We need their full name and mailing address (and loan or account reference #’s if applicable).
- Do they have any special wording requested?
- Do they need to be an Additional Insured or have any other special types of coverage or status in regards to the policy?
- What is their email address AND fax number?