COI (Certificate of Insurance) Definition

A Certificate of Insurance (COI) is a document issued by an insurance company or broker that summarizes the key details of an insurance policy. It serves as proof that an individual or organization has insurance coverage for specific risks during a specified period. COIs are commonly requested by third parties, such as clients, vendors, landlords, or contractors, to verify that adequate insurance protection is in place before engaging in business activities or entering into contractual agreements.

The COI typically includes important information such as the policyholder’s name, the types and limits of coverage, the insurance carrier’s name, policy number, effective dates, and any special endorsements or provisions. It does not alter the terms of the insurance policy but provides a snapshot of the coverage status at the time of issuance. COIs help stakeholders verify insurance compliance and manage risk by ensuring that parties involved in transactions or projects are adequately protected against potential liabilities or losses. They are essential documents in insurance agency operations, facilitating transparency and assurance of coverage between parties.