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This certified piece of paper proves that an individual or company has insurance. It includes coverage types and liability limits, plus the effective date of the policy and insurance company name. ing to Trusted Choice, approximately one in 25 errors and omissions (EO) claims involves a certificate of insurance.
State Laws. State laws vary, but generally require insurance agents to keep copies of their customers policies for 67 years. Since a nonprofit cant always count on having access to the insurance agents files when needed, each nonprofit should also maintain copies of expired policies.
Essentially, the COI serves as a proof of insurance so other businesses you work with know you have the insurance protections essential to minimize risks. It serves as a peace-of-mind before entering into a business agreement.
How Long is a Certificate of Insurance Good For? Typically, a COI is good for five years.
Its like an auto insurance ID card, with one key difference: It summarizes your business insurance coverage, and contains important basics like policy expiration date, individuals covered, and dollar amount of coverage. Some COIs also include the type of policy, such as professional or general liability.
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A certificate of liability insurance is a document that proves your company has liability coverage. Your insurer issues you this certificate with your insurance policy and you can also download a copy online whenever you need it.
How Long is a Certificate of Insurance Good For? Typically, a COI is good for five years.

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