CERTIFICATES OF INSURANCE - EFFECTIVE RISK MANAGEMENT TOOL
If your business requires a vendor to provide a Certificate of Insurance (“COI”), make sure you see the actual insurance endorsement adding you as an additional insured. The actual COI, without an endorsement, may not be worth the paper it is written on. Customers regularly request vendors to provide Certificates of Insurance (“COIs”) as condition of an ongoing business relationship. While obtaining a COI is an important risk management step, if the COI process is not manage