SPECIAL NOTE: Many insurance companies now treat request for Certificates of Insurance as a request for insurance coverage, and charge a few of up to 10% of your premium for a certificate. It is critical that you know if you need to provide a Certificate of insurance or if an Evidence of Insurance will be adequate. An Evidence of Insurance is "proof" that you have insurance. It does not give the Evidence Holder any coverage automatically. A Certificate of Insurance often gives Insurance Coverage to the holder (as an additional insured) and as such, can cost you money. We suggest you take great care in negotiating your contract to make sure you don't enter into an agreement where the requirements of the contract will cause you to incur large additional costs for Certificates of Insurance
Other insurance requirements, which may be placed on you by virtue of contract you enter into, may give the insured holder one of the following benefits on your policy, and may raise your premiums substantially.
If you have questions about any of these requirements, call us before you sign a contract. We might be able to give you some ideas which could save you some of your hard earned money.
1. Additional Insured: Adds the holder as an Additional Insured onto your policy.
2. Waiver of Subrogation: Makes it impossible for your insurance company to sue the Holder's insurance company for any claim, even if they were responsible for the loss.
3. 30 Day Notice to Cancel: Amends your policy to force your insurance company to give the Holder 30 days notice of cancellation (for any reason, including non-payment). The normal notice is 10 days.
4. Misc. Policy Changes: Some contracts require a change in wording on your policy. Normally this is very difficult or impossible to do without a large premium increase. Call us to discuss if you have questions.