Insurance and risk
certificate of insurance (COI)
A certificate of insurance is a document that summarizes an insurance policy and gives proof of coverage. GEICO says it shows the type of coverage, policy limits, effective dates and who is covered. It does not replace the actual policy or give coverage rights to the requester unless that person is an additional insured.
Why it matters
Customers such as builders, property managers and event organizers often ask a portable storage company for a certificate before delivery. The certificate lets them confirm that coverage exists. A common mistake is to treat it as the policy. It only reflects coverage at the time it was issued, and a policy may later lapse. A request to be named as additional insured is a separate step. Operators should keep certificates current and know who can issue them, usually their agent or broker. Customers should check dates and limits. This is not insurance advice.
Read: Insurance for portable storage companies: What coverage to ask about
Definition source: geico.com
Related terms
general liability insurance
General liability insurance is business coverage for claims of injury or property damage to other people. NAIC defines commercial general liability as flexible and broad commercial liability coverage with two major sub-lines: premises and operations, and products and completed operations. Policies differ in limits and exclusions.
commercial auto insurance
Commercial auto insurance covers motor vehicles that a business owns or uses. NAIC defines it as coverage that protects the insured against financial loss from legal liability for motor vehicle injuries or damage to others' property caused by accidents tied to ownership, maintenance, use or care of a vehicle.
workers compensation
Workers compensation is insurance that covers an employer's liability for injuries, disability or death of people in its employment, without regard to fault. NAIC describes it that way, as set by state or federal workers compensation laws. Most states require employers to carry it, with some exceptions.
cargo insurance
Cargo insurance protects goods that a carrier hauls for others. Progressive Commercial describes motor truck cargo insurance as protecting goods and materials transported by for-hire truckers against events such as fire, collision and theft. It protects both the carrier and the cargo owner.
inland marine insurance
Inland marine insurance is property coverage for items that move or sit away from a fixed location. NAIC says it covers property in transit, held by a bailee, at a fixed location, or movable goods often at different locations. Progressive describes it as coverage for tools, equipment and products stored away from your business.
rental agreement
A rental agreement is the contract that sets the terms for renting a container or similar unit. RentalModo says it is usually two or three pages. It covers the rate, minimum term, damage rules, delivery and pickup, and fees. The fine print is often in clauses that renters skim.
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