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certificate of insurance

   Also found in: Financial, Acronyms 0.02 sec.
certificate of insurance,
n a statement issued to a group member describing in general terms the policy provisions for eligibility, deductibles, coinsurance, allowances, and maximums. Used in lieu of issuing copies of the group or master contract to each individual employee member of an insured group.


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Be certain to contact an experienced attorney and insurance broker to have them review your subcontract and your sub-contractor's insurance policy and certificate of insurance to make sure your subcontract gives you and your subcontractor's insurance coverage the "additional insured" status you need.
Ask for a copy of the contractor's certificate of insurance and call the insurance company to see if the policy is active.
The parties frequently assume that the certificate of insurance actually will bind the insurer in some way.
 
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