March 22, 2021

The Importance of Collecting Certain Insurance Documents

Pearland TX cheap auto insurance

Aside from protection for your home, car, and life, there are other important insurance documents that you need to be aware of.

Texas Insurance Agency has several policies to choose from for your home, vehicle, motorcycle and so much more. We understand the importance of coverage. However, we take a lot of pride in how we handle each of our clients. We prioritize all of your needs to ensure you receive the ultimate insurance protection. Therefore, if you have any questions or want to know more about our services give us a call at (281) 398-1010 to get started on your free quote! Now, let’s take a look at some important insurance documents you should be familiar with.

Learning About Other Important Insurance Documents

Any individual can be exposed to certain risk when it comes to using the services of the following:

  • Independent Contractors
  • Subcontractors
  • Service Providers
  • Vendors
  • Any Organization Supplies Materials or Services

The main goal for any risk manager or business owner is to help reduce exposures and to protect the financial interest of the company. Therefore to help manage these risks, there are several contracts and types of insurance that help achieve this.

Certificate of Insurance

A COI is a document that includes all of the essential details of the insurance policy. It involves a full outline of the policy on a single form which includes the most crucial factors, such as Policy Limits, Policy Effective Date, Type of Coverage, and the Policyholder’s Name.

The reason why certificates of insurance are crucial is because of the following:

  • It proves your insurance status by providing a summary of an insurance policy without the majority of the policy alone.
  • Provides easy access to information that can normally take up hours of work.
  • COI can also reduce liability by carefully documenting them from third-party vendors. Therefore, you save yourself from transferring loss to that third party’s insurer.

Additionally, there is a significant difference between insurance policies and COI’s. If one party wishes to provide evidence that another party’s insurance is in place to cover any losses to property or bodily injury that is one factor. However, a COI will vividly state all the essential details of an insurance policy in a simple but standardized form.

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