Certificate of insurance

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  • Publicado : 28 de febrero de 2011
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Certificates of Insurance
Overview
All vendors wishing to do business with Georgetown University must provide evidence of insurance to the Office of Risk Management prior to the contract startdate.
A Certificate of Insurance (COI) is a document that evidences for one party the insurance coverage held by another party. It evidences the coverage in place at the time of issuance of thecertificate. Certificates of insurance are crucial to the transacting of business and are used in a multitude of situations.

Click on this link to view a Sample ACORD Certificate which includesinstructions for completing the form.
It is important to note that a certificate of insurance is only evidence of insurance coverage in effect at the time of issuance of the certificate; it is not an insurancepolicy nor does it convey any rights to the certificate holder. It is not foolproof and is provided as information only. Some have referred to the certificate as providing “the illusion ofprotection.”

The following general requirements should be incorporated in every certificate of insurance and should not be waived without consulting with the Office of Risk Management:
1. Requiredinsurance should be written on a per occurrence basis (professional liability and pollution liability are acceptable on a claims made basis).
2. As specified by the GU Standard Terms and Conditions, thecomprehensive general liability and/or auto insurance policies shall include Georgetown University as an "Additional Insured" but solely with respect to liability arising from the performance of theagreement.     
3. Provide a minimum of 30 days advance written notice of cancellation or non-renewal of policies required under the contract to Georgetown University.
4. Provide a completedCertificate of Insurance (COI) containing the following information:
* Name and address of agent, phone number and fax number
* Name of insurance company and policy numbers...
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