Certificate of Insurance (COI)
A certificate of insurance is a standardized document that provides proof of coverage to third parties, summarizing the policy types, limits, and effective dates.
The certificate of insurance, commonly referred to as a COI, is one of the most frequently requested documents in apartment property management. Issued on a standardized ACORD form, it provides a snapshot of the policyholder's insurance coverage, including the insured name, carrier name, policy number, coverage types, limits, deductibles, and effective dates. While a COI does not confer any coverage rights to the certificate holder, it serves as evidence that the described coverage is in effect.
Apartment owners receive COI requests from mortgage lenders, government agencies, property management companies, vendors, contractors, and prospective tenants. Each requesting party may have specific requirements for how the certificate is prepared, including the addition of the requesting party as certificate holder, additional insured, or loss payee. Lenders and government agencies often require specific policy language or endorsements to be referenced on the certificate.
Managing COI requests efficiently is an operational necessity. Delays in delivering certificates can trigger compliance warnings from lenders, hold up contractor work, and create administrative friction. Many insurance agencies offer online certificate management portals that allow certificate holders to request and receive certificates electronically. Property owners should maintain a current list of all parties that require certificates and communicate any changes to their insurance advisor promptly.