A certificate of insurance (COI) is not an insurance policy. It is a document that serves as proof that a policy was issued and exists. Usually a single page form, a COI includes the name of the policyholder, the effective dates of the policy, and the type of coverage and limits. It is a quick and efficient way for third parties to ensure that they are working with someone that is responsible and compliant.

Many times during the course of business, vendors, partners and other third parties might require that you prove that you have adequate insurance coverage. Certificates of insurance allow you to do that.

Security and compliance are always the top questions when it comes to generating and transmitting Certificates of Insurance online. But with Certificate Exchange, you are protected. With the industry’s only patented process for generating and transmitting certificates of insurance, you can feel confident that your important insurance information is not being falsified or misused.

When a company enters into a contract with a client or vendor depending on the specifics of the agreement, the company will usually request a certificate of insurance from the vendor or their insurance agent. Certificate Exchange provides brokers with the ability through personalized branded portals, to give agents access to generate and transmit COIs.

As an owner of a business, having a Certificate of Insurance is not just smart, but also extremely important. Anytime you outsource work or hire a contractor of any kind you open yourself and your business to various forms of liability. Understanding this fact will help ensure that you do your due diligence and review your contractors’ COIs to make sure that they provide appropriate coverage for your scope of work. This will help you and the prospective vendor avoid and/or mitigate any potential future incidents or litigation.

There are many different types of Certificates of Insurance that companies should maintain and track to better protect and operate their business. Three of these types include but are not limited to certificates that document and outline Liability Insurance, Workers Compensation Insurance, and Auto Liability Insurance.

An ACORD 25 form is the standardized one-page form that a Certificate of Insurance is presented in. It proves you have the appropriate insurance and outlines everything from the policy holder’s name to the policy’s effective and expiration dates to the types and limits of coverage so that you can prove that you are able to meet the conditions of the contract that require it.

An additional insured is a party that might be included on the Certificate of Insurance. While they are included under a policy owner’s insurance policy, they are not responsible for paying the premium. They also do not have the ability to change or modify the existing policy.

There are many ways to print and distribute Certificates of Insurance, however the most effective and efficient way is through an electronic solution that allows you to generate and distribute multiple Certificates of Insurance to multiple parties across North America. Certificate Exchange is the only provider of Certificate of Insurance solutions that has a proprietary and patented process for safely and securely transmitting multiple COI’s at once.

Organizations typically have many different types of insurance policies. Organizing and tracking these policies and their associated COIs should be an essential part of any company’s risk management solution. A certificate of insurance tracking system can help both companies and insurance brokers better manage everything from policy renewals and expirations to policy premium payments.  Without a solid tracking system as part of its Certificate of Insurance solution, a company risks losing track of and mismanaging its coverage.

Certificate Exchange provides the industry’s only trademarked and patented solution that allows its customers and partners to quickly generate and transmit COIs to prove that you and your business are covered for certain situations.

Additionally, Certificate Exchange allows you to generate and transmit your certificates of insurance quickly, efficiently, and securely.