What is the full form of COI in Insurance?
The COI full-form insurance is a Certificate of Insurance. A certificate of insurance (COI) is a document provided by an insurance provider or broker. The COI validates the presence of an insurance policy and describes its major terms and conditions. For example, a conventional COI includes the policyholder’s name, the policy’s effective date, the kind of coverage, policy limits, and other key policy facts.
How does COI work?
COIs are employed in circumstances where liability and major losses are a worry and a COI is required, as is the case in most corporate environments. A certificate of insurance is used to verify insurance coverage. Small business owners and contractors frequently carry a certificate of insurance that demonstrates they are covered against liability for workplace accidents or injuries. When you obtain liability insurance, the insurance provider will normally issue you an insurance certificate.
How to get COI
If a business seeks a COI from a contractor or business, they should be able to retrieve it from their insurance company or give you their insurance company’s contact information, allowing them to request that proof be sent to the business.