COI Checklist for Protecting Your Company

Effective management of certificates of insurance (COIs) is a critical part of any comprehensive risk management plan for any operation, especially in the construction industry where the likelihood of accidents and injuries is higher. Without proper COI management, you expose your company to potential financial liabilities and legal issues in case of an accident or mishap. Therefore, it is crucial to have a system in place that allows you to monitor and ensure that all parties involved in your project carry adequate insurance coverage. By doing so, you can protect your business from financial harm and safeguard your reputation. To help you with this process, we have compiled a comprehensive checklist of the top ten steps you can take to effectively manage your COIs.

1. Verify Coverage Types and Limits:
   • General Liability
   • Workers' Compensation
   • Automobile Liability
   • Umbrella Liability Professional Liability
2. Ensure Proper Policy Dates:
   Coverage start and end dates align with project timelines
3. Confirm Subcontractor's Information:
   Legal name, address and contact details
4. Check for Additional Insured Endorsements:
   Company should be listed as additional insured and coverage should apply on a primary and non-contributory basis
5. Review Waivers of Subrogation:
   Confirm waivers are in place for general liability and workers' compensation policies
6. Ensure Notice of Cancellation Provisions:
   Require subcontractor's insurer to provide written notice of policy cancellation
7. Maintain Accurate and Organized Records:
   Store all COIs digitally and establish a tracking system for expiration dates
8. Regularly Review and Update COI Requirements:
   Adjust requirements as needed based on changes in project scope, regulations, or risk exposure
9. Train Your Team:
   Educate your team on COI requirements, best practices, and compliance management
10. Leverage Technology:
    Consider using COI tracking software to streamline the process, reduce risk, and ensure compliance.

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