Certificates of Insurance / Confirmation of Coverage
As noted under the Risk Transfer strategy section, school boards may be required occasionally to either transfer risk to outside parties, or to assume risk from another party. In other situations, school boards may need to confirm another party carries adequate insurance, or conversely, prove to an outside party that it is adequately insured.
The two documents that may be requested or provided by your school board, as the situation dictates, are as follows:
- Confirmation of Coverage Certificate; and
- Additional Insured Certificate
The following is an overview of what each document is and when it should or should not be used.
Confirmation of Coverage Certificate:
What is it?
Simply put, this is a document that validates an insurance policy is in effect – it names the insured party, provides the policy number, effective and expiry date, and usually lists the insuring agreements (the coverage) that are in force and any applicable limits of insurance or deductibles that apply to the policy. It is also known as a Certificate of Insurance and is issued to your school board when premiums for the new policy period have been paid.
When is it used?
- Your school board provides it to validate to another organization that you carry insurance to meet a contractual obligation (e.g. a lease that requires Tenant’s Legal Liability, etc.);
- Your school board provides it to validate that you carry an adequate limit of insurance to meet a contractual obligation (e.g. a clause that stipulates a minimum of $5 Million Liability coverage be carried, etc.)
- You request it from another party to validate that a contractor or service provider carries insurance as a condition of a contract, RFP or tender process.
- You request it from any organization, group or individual who wishes to use school premises or facilities as a permit holder to validate that they carry their own liability insurance.
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