Definition of Certificate of Insurance

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A certificate of insurance is, by definition, a contract. Get the definition of certificates of insurance with help from an insurance professional in this free video clip.

Part of the Video Series: Insurance Information
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Video Transcript

Hi, I'm David Sumpter, commercial insurance specialist with Wateridge Insurance in San Diego. Today we're going to talk about what a certificate of insurance is. Well a certificate of insurance by definition is a contract. When you sign a contract with someone else and they require a certificate of insurance, you're entering into a contract with them saying that in the case of a lawsuit where you're both named, you're going to take care of indemnifying them. What does that mean? Your insurance carrier is going to step in and defend you and this other individual because you've given them a certificate of insurance. So what does a certificate of insurance really look like? A certificate of insurance is simply a piece of paper that lists the insurance carrier that you have, the effective dates of coverage and the limits and types of coverage that you have. The certificate of insurance is given to that individual, typically before you enter into a contract. How do you get a certificate of insurance? A certificate of insurance needs to come to you, you give it to the entity that you have a contract with. Certificate of insurance is really what makes the world go around these days so make sure that your insurance policy can offer limits and coverages and extensions that most certificate of insurance will be asking for. Check with your broker, they'll give you some great advice about that. I'm David Sumpter, commercial insurance specialist with Wateridge Insurance, and we've just discussed certificates of insurance.


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