Certificate of Insurance Review
A certificate of insurance is a document issued by an insurance company/broker used to verify the existence of insurance coverage under specific conditions granted to listed individuals. More specifically, the document lists the effective date of the policy, the type of insurance coverage purchased, and the types and dollar amount of applicable liability.
Your institution’s Procurement and Risk Management Departments should review certificates to analyze the coverage of the party in question for applicable limits, coverage provisions, and verification of effective dates. Often, the actual coverage is compared with contractual insurance provisions to be certain the coverage in place matches what is required of the contract. A guideline to assist can be found here. If there is any question in regards to insurance requirements or assessment of vendor certificates of insurance, please contact System Risk Management.
Should you or your purchasing department require assistance in terms of a certificate of insurance review, please contact us.