What information does the certificate of insurance provide?
Generally speaking the certificate of insurance provides the clients of architects and engineers’ proof of insurance for specific insurance policies.
The first few items the certificate included are the contact information for your insurance agent and your firms name and address. The certificate then shows the names of the insurance companies that are providing the specific insurance policies.
Further down there is the list of the specific insurance policies, including General Liability, Automobile Liability, Umbrella/Excess, Workers Compensation and other policies such as Professional Liability. Listed with each policy are the policy number, the effective dates and limits of liability associated with that policy.
Next on the certificate of insurance is the description of operations. This is a box that can provide additional information such as the project name and number, additional insured’s listing for General Liability and waiver of subrogation for specific policies.
Last is the certificate holder name and address. If the certificate holder information doesn’t fit in the box provided it can also be listed in the description of operation box.
Not only is it important to provide your firm’s client with a certificate of insurance but it is vital to collect the certificates of insurance from your sub consultants. Your firm wants to make sure that those policies are current so that if a claim does occur from one of your subs then you know what the coverage is.
Remember that certificates of insurance are a highlight of the policies in place; be sure to always read your policy to understand fully what is covered.
Certificates of insurance are an important piece of information for your architecture and engineering firm and the policies that are in place. Please be sure you call or email your PUI Agent with questions.