Certificate of Insurance Walkthrough

In one of our last videos, we explained what is a COI and why most companies need them. Now, that we already know the concept behind it, in this video I'm going to walk you through every single component that makes up a complete certificate of insurance.

The most commonly used type of Certificate of Insurance, COI, is the Accord 25 form and it contains all the most pertinent details of your insurance policies on a standardized, single-page form. It is important to note that this is just a proof of insurance. A COI is simply intended to summarize and streamline access to the most important information in your policy, including the type of coverage, who it covers, the effective date of the policy, and the policy limits.
Note: There are many different edition dates and versions of the ACORD form, so not all forms will look the same.

To facilitate learning, we will provide a COI template in the description below. Just click the link and download the file to your computer.

More about our company:

BCS is the only company that successfully handles the entire process of collecting, reviewing, and correcting proofs of insurance from your vendors, tenants, contractors, borrowers, etc. Our unique blend of software and dedicated insurance analysts gives you a solution to meaningfully reduce your risk exposure and prevent financial losses by actively correcting insurance documentation.

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Timecodes ⏱️

0:00 - Intro
0:19 - The most commonly used COI form
0:35 - the purpose of a certificate of insurance
1:02 - COI template download
1:29 - How to read a COI
1:33- the issue date
1:43 - the producer
2:10 - name insured
2:28- insurance carriers
2:57 - NAIC carrier
3:07 - AM best
3:27 - claims made/ occurrence box
3:53 - per policy / per project / per location
4:22 - additional insured column
4:39 - Waiver of subrogation column
4:48 - policy numbers
4:58 - policy expiration date
5:17 - policy limits amount
6:00 - workers' compensation exclusion box
6:29 - workers' compensation per statute box
7:28 - description of operation
8:07 - certificate holder
8:18 - notice of cancelation

[riteshrajput]

Excellent content and brilliantly explained by Adam Lopez with a bright smile on his face. Way to go! Thank you.

[SimplYvonie]

what is COI in applying student visa?

[alexandriav]

One of our contracts requires the contractor to have $5M Each Occurrence Limit, $5M Products/Completed Operations Aggregate Limit, and $5M General Aggregate Limit. The COI appears sufficient as they have:
Commercial General Liability: $1M Each Occurrence, $2M General Aggregate, $2M Products/Completed Operations Aggregate
Umbrella Liability: $4M Each Occurrence & $4M Aggregate.
Builder's Risk: $5M

Do they have enough coverage listed? I don't think the Products/Completed Operations Aggregate Limit is sufficient, so I just wanted to make sure I'm looking at this correctly.

[TheGOATof]

I'm looking at a COI and under the policy number there's the word BINDER. what does that mean?