Certificate holders possess proof of insurance on commercial general liability policies, while additional insureds are other parties that coverage has been extended to, beyond the initial policyholders.
The main difference between indemnification and insurance is that the former represents the process of transferring loss responsibility within a contractual relationship, and can exist independently from a policy, while the latter represents the actual contract backed by an insurance company.
While contract review involves analyzing an agreement to ensure it meets stakeholder needs and expectations, it is just one of many stages in the contract management process—following the end-to-end lifespan of a contract from creation to completion.
ACORD is a global non-profit known for its standardized certificate of insurance (COI) forms. These streamlined documents contain pertinent information regarding an insured’s insurance policy and are essential in compliance and business dealings.
Self-insurance involves setting money aside for a potential loss instead of purchasing a third-party insurance policy. Depending on the losses your business faces, this could either save or cost more money than traditional insurance coverage.
A waiver of subrogation is a contractual provision that indemnifies third-party subcontractors from liability—revoking an insurer's right to recoup losses from a claim concerning third-party fault for incurred damages.
A certificate of liability insurance provides proof businesses are covered by an active, commercial general liability insurance policy. This convenient, accessible document is important to prove insurance status, mitigate liability, and protect businesses in third-party contracts.
AM Best credit rating agency scores insurers’ creditworthiness on a scale of A+ to D to measure insurance-related risks and help consumers make informed decisions.
