What is an insurance certificate?

An insurance certificate is a document issued by an insurance company or broker that provides evidence of insurance coverage.  It is a summary of the key details of an insurance policy and is often used to provide proof of insurance to third parties.  Insurance certificates are commonly used in business and commercial transactions where one party wants to verify that another party has appropriate insurance coverage.

Key information typically found on an insurance certificate includes:

Insured's Information: This includes the name and address of the entity or individual covered by the insurance.

Policy Number: A unique identifier assigned to the insurance policy.

Policy Period: The dates during which the insurance coverage is effective, including the start and end dates.

Coverage Limits: The maximum amount the insurance policy will pay out in the event of a covered loss.

Type of Coverage: Details about the specific type of insurance coverage provided, such as general liability, property, auto, or others.

Additional Insured: If applicable, the names of other parties (besides the named insured) who are also covered by the policy.

Description of Operations/Locations/Vehicles Covered: Specific details about what is covered by the insurance, such as the type of business operations or the locations and vehicles insured.

Insurance Company Information: The name and contact details of the insurance company issuing the policy.

Insurance certificates are often requested in business transactions, contracts, or agreements to ensure that the parties involved are adequately insured.  For example, a contractor may be required to provide an insurance certificate to a client before starting a construction project.  It serves as proof that the contractor has insurance coverage in case of accidents or damages related to the project.

If you have questions, Westralian Insurance can help.  Call us today on (08) 9302 1388, or visit www.westralianinsurance.com.au