Manually processing your company’s certificates of insurance (COIs) can take a lot of time, especially if your company hires a large volume of subcontractors or other third parties. Using a certificate of liability insurance form example as a guide can reduce your review time. By having a template to work off, you can spot inaccuracies and fraudulent forms easier and quicker. You can save time when you have a visual aid at your disposal.
Deciding to use a COI form example is a step in the right direction. The key, however, is to find a good blank COI. Having this document on hand can help you speed through a short stack of paperwork.
Why You Should Use a COI Form Example
There’s no shame in using a guide for anything you do. Contractors follow blueprints when they construct buildings. Carpenters use templates, too. Even children use guides when they paint by numbers. We can flounder without examples to show us the way.
The same concept is true with COI management. If you don’t know what a form should look like, then you might struggle with validating one. Even if you are well-versed in them, a COI form example could support you better than memory, reinforcing what you already know.
You can use a sample COI that aligns with your company’s insurance requirements. You can compare it to the COIs your third parties submit to quickly confirm values. For instance, if the aggregate limits for Commercial General Liability on the example says $4,000,000 $ or higher and the General Aggregate on the submitted COI lists $2,000,000 , then the submitted form is not compliant. You can save time when you don’t second-guess your knowledge.
You can also save time once you get into a routine of checking submitted COIs against the template. You could fly through a reasonable number of COIs once you get into the swing of things. All you need is a good blank COI.
Where Do You Get a Good Blank COI?
If you’re going to use a COI sample to save time, then you should use the exact form insurance issuers use (which should be the same type you receive from your third parties). A blank ACORD form, more specifically an ACORD 25 sample, is your best option.
The ACORD form 25 PDF is the standard liability insurance certificate. The document demonstrates that the named insured’s coverage is active. Insurance agents across the United States use the form, making it the most widely-accepted insurance form of its kind.
You don’t need ACORD insurance to learn how to get ACORD insurance certificate copies. In fact, ACORD is not an insurer. The Association for Cooperative Operations Research and Development provides standardized insurance forms that follow the industry’s best guidelines. An ACORD certificate of insurance PDF is an authentic and trusted document that helps companies verify the coverage of their third parties.
Since the certificate of liability insurance ACORD form is commonly used, you could confidently download one from the organization’s website. An ACORD certificate of liability insurance fillable form can change how you validate your third parties’ COIs.
When you use a certificate of liability insurance form PDF fillable example from ACORD, you are using an industry tool to help verify your company’s COIs. You shouldn’t use a template of dubious origins. Download a certificate of insurance sample PDF from ACORD and you will receive the highest quality sample available.
When Is the Example COI Not Enough?
It can take an average of thirty minutes to properly review one COI, even with the assistance of a certificate of liability insurance template.
How many can you do in a day or a week? Can you do any if you have other projects to complete?
A certificate of liability insurance form example can work well for a small amount of COIs. What happens when you have to handle a large volume? Could you keep up with the workload on top of everything else you have to do?
A certificate of insurance online management solution like myCOI can automate the verification of any number of COIs so you don’t have to, saving you more time than a COI template. While you can turn a blank certificate of liability insurance form into a useful tool, myCOI can become a more effective answer to your insurance compliance demands.
myCOI was designed with built-in insurance logic. It is supported by a team of insurance professionals to help you validate each COI that you collect. You do not have to scour over each form and compare data with a template. myCOI automatically performs that task quicker and more accurately than a human. Partnering with myCOI keeps your third parties compliant with your company’s insurance requirements and saves you time in the process.