It is a document from an insurance broker evidencing that applicable policies are in effect, the names of the insurance companies covering the policies, and the policy amounts. The Certificate of Insurance (COI) is forwarded to third parties who require such proof in the course of doing business with the insured. The certificate itself does not obligate the insurance company to the party to which the certificate is given.
If the third party requests to be named as “Additional Insured” on the certificate of insurance, that clause is added to the document. Such wording serves to add the requesting third party to the insured’s policy which then provides insurance coverage to the person/entity receiving the certificate of insurance. This assures that should any property loss or other liability befall that party as a result of the insured’s actions, they will be protected under the insured’s policy.
When Monroe Community College is requested to provide a Certificate of Insurance (COI), it is because that organization wants to obtain proof that MCC is insured to cover any possible accident, damage, injuries that happen during the course of MCC’s time on their property, etc.
If you are engaged in college-sanctioned activities off campus at private or municipal property, you will likely be asked to provide proof of college insurance to cover the property owner from property damage and liability caused by the college-sanctioned activity. The COI is provided to the municipality or property owner directly from the college’s insurance broker.
For information on how to have a COI issued, contact the Risk Management Office, extension 2186.