What is an Insurance Certificate of Liability?
Insurance certificates of liability are documents or certificate that is commonly used as evidence of a party’s insurance that superficially protects it and its business partners in the event of a loss. This certificate conveys extensive information about the insurance in force for the named insured. However, it provides no actual benefit of insurance to the certificate holder or the party receiving the certificate.
The Certificate’s History
Since the 1970s, an industry wide standardized form is available from the Association for Cooperative Operations Research and Development (ACORD). Prior to this these certificates took on many forms. However, a competing standardized form has recently been introduced by the Insurance Services Office Inc. (ISO). Non-standardized versions are now only known as manuscript forms that may vary greatly in its contained information.
Certificates’ Standard Information Contained
A standard insurance certificate provides pertinent items of information that includes; the named insured, the agent or broker issuing the certificate, its policy numbers, the effective and expiration dates, the types of policies, its limits of insurance, its key coverage details, clauses like the intent to notify the certificate holder in the event of cancellation, and disclaimers of all information therein by the party issuing the certificate.
The Intent and Uses of Certificates
Insurance certificates are most commonly used in business transactions wherein one party agrees to indemnify or assure another party. This is when the indemnified party, or an indemnitee, would require evidence from the indemnitor, if he or it has the financial capability to uphold its obligations. In general, the procurement of insurance gives that financial capability to indemnify a party. Insurance certificates are provided as evidence of the insurance in force assuring the capability of financial protection in the event of a loss. Frequently, these certificates of liability are also used as collateral for some types of undertakings, including contracts for builders, employee compensation, health and hospitalization coverage and many more.
The Benefits of Insurance Certificates
The use of an Insurance Certificate in business transactions rather than providing and unwieldy and ineffective entire insurance policy is a better way to quickly deal with transactions. In other words, the insurance company has provided a valuable service by summarizing a tremendous amount of information on a single sheet of paper. The Insurance Policies on the other hand contain proprietary business information like insurance rates, premiums, and business volumes that are already inappropriate for disclosure to third parties. Insurance Certificates are now acceptable standards.
Foreseen Procedural Problems
Insurance Certificates has printed on its downside portion of its inability to actually provide insurance coverage to the certificate holder. Certificates is just a basic snapshot of the insurance policy maintained by the named insured, but also includes a disclaimer that it is merely information and confers no rights on the certificate holder. A standard insurance certificate also disclaims its ability to modify or alter the coverage evidenced. Therefore, to achieve coverage would mean modifying the insurance policy. But evidence of the modification cannot be properly documented on the insurance certificates.
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