What does certificate holder mean

Interested in learning more about managing your certificates of insurance? Contact us at or send us a message using the form below. Protecting your organization when working with third-party contractors can be complicated.

Call Us Today On the Blog. However, certificates do not guarantee that limits will not be exhausted by other claims to which that insurance may also apply, that endorsements will be attached to the policy as required or that policy coverage has been changed with restrictive endorsements. This certificate does not amend, extend or alter the coverage afforded by the policies below. The additional insured endorsement extends that insurance coverage to the certificate holder.

This highlights the really important difference for keeping your company safe as that construction firm owner. A listing as the certificate holder provides a COI that shows the subcontractor is covered. Verifying this by tracking certificates of insurance is important because if a subcontractor is uninsured or underinsured and causes a loss, your company likely will be forced to pay the claim. Should they cause a loss, their insurance policy will be first to pay for the claim.

For maximum protection, companies should require a certificate of insurance from every third party and that they always be named as an additional insured. If your company works with hundreds or thousands of third parties, manually tracking certificates of insurance and additional insured endorsements is inefficient and likely ineffective. Too many details can fall through the cracks. The software is an easy-to-use, cloud-based solution developed and supported by a team of insurance professionals.

The platform is built on a foundation of insurance industry logic to automate the COI communication process and ensure you remain protected. Privacy Legal Business Credentialing Services.

All rights reserved. Vendors: Sales: Watch Demo Login. About BCS? BCS aligns third-party insurance coverage and other documents with contractual requirements.

Solutions Our automated tracking software will take the worry and frustration out of organizing stacks of insurance documents. Resources Get your organization up to speed by taking advantage of some of our most popular resources, created especially for you.

Certificate holders possess proof of insurance on commercial general liability policies, while additional insureds are other parties coverage has been extended to, beyond the initial policyholders.

Originally published October Updated May Related Reading. Policyholders The policyholder is the person or entity who has purchased a policy from an insurance provider. Certificate Holders In this scenario, the client then gains the title of certificate holder. Additional Insureds There's no shortage of confusion surrounding the addition of contracting parties to another's insurance policy as additional insureds.

Specific vs. A software like SmartCompliance allows you to automate certificate of insurance or proof of insuranc e renewals, e nd manual data entry, and help ensure compliance.

Schedule a free demo to see how SmartCompliance can help you ensure coverage for your company. Talk to Sales: Talk to Support: SmartCompliance provides insurance tracking and compliance management solutions to commercial and residential insurance professionals.

Our self-service and full-service solutions automate certificate of insurance or proof of insurance renewals, eliminate manual data entry and help ensure end-to-end compliance. Get monthly updates on the latest insurance technology news and developments. General Liability Insurance General liability insurance is a policy that covers your business for things like bodily injuries and property damage to third parties.

Certificate of Insurance A certificate of insurance is a short form that shows insurance coverage and the important things in an insurance policy such as dates, coverage limits, and who has coverage under a policy. Policy Holder A policy holder is a person whose name is on the insurance policy and who directly benefits from its coverage.

Certificate Holder vs.