A Certificate of Insurance details the type of insurance coverage you’ve purchased along with effective and expiration dates and coverage limits, and is one of the most common proof of insurance documents that venues request.
Most facilities require that an event holder/vendor add them as an Additional Insured on a Liability policy. The COI (Certificate of Insurance) provides proof that the facility/event site has been added to the policy as an Additional Insured. In addition, sometimes caterers, officiants, and rental companies also require to be added as additional insured.
Unlimited Additional Insureds can be added free of charge to your Event Liability policy at the time of purchase, or after purchase using RVNA’s online policy management system.
An Admitted Insurance Company is one that is authorized by the State in which it conducts business to sell insurance. These carriers must meet the requirements of financial integrity set by their State and are regulated by the State Department of Insurance.
Every Insurance Company is given a rating so that consumers and agent’s can readily identify the financial strength, solvency and the company’s ability to pay claims. An A+ rating denotes a carrier that meets the highest standards of financial strength and solvency.
As defined by the insurance policy, Bodily Injury is any physical injury, disease, or death that happens to one or more people.
A Certificate of Insurance is a form documenting proof of Liability Insurance. Sometimes referred to as an Acord form or COI it summarizes the benefits of the insurance policy, displays the limits of your policy, and acts as proof of Liability insurance. Most event sites will request this prior to your event date as proof you have the required Liability Insurance to hold the event. We offer Certificates of Liability Insurance with every Liability policy and Additional Insured.
More about RVNA’s Acord Certificates of Insurance
A request made by the insured for payment due to a covered loss incurred under the policy agreement.
A page in the insurance policy that describes who is the Named Insured, what is insured, and the limits of insurance provided by the insurance policy.
An amendment or rider to a policy adjusting the coverages and taking precedence over the general contract.
A licensed individual who represents a client in quoting, purchasing and servicing an insurance policy for a commission or fee.
An insurance carrier, or insurance company, is a company that does business selling insurance policies and adjusting insurance claims. Many carriers transact business through an Insurance Broker or Agent.
The limit of insurance is the maximum limit an insurance policy will pay when there is a claim. The limit of insurance can be the maximum amount paid per person, per occurrence (accident), per claims-made, or aggregate (maximum amount paid in total by the policy).
The person or organization that holds the insurance policy and who is the primary insured on the insurance policy.
A written contract between an insurance company and an insured detailing the insuring agreement, who and what is insured, and the contractual terms and conditions.
The process by which an insurance company examines risk and determines whether the insurer will accept the risk or not, classifies those accepted and determines the appropriate rate for coverage provided.