A certificate of insurance is a document provided to an outside organization as evidence of WesternU’s insurance coverage.
WesternU agreements and contracts with vendors, contractors, and consultants typically require parties with whom the University is doing business to provide evidence to the University, in the form of a certificate of insurance, that they carry certain types of insurance at certain limits. The University collects certificates from the organizations and individuals with whom it does business and, when required, issues its own certificates.
WesternU requires a Certificate of Insurance from Contractors, Vendors, Other parties that provide services to or on behalf of WesternU, and various parties that use WesternU facilities. All such parties are required to provide to WesternU prior to commencement of work or activity, an Accord Certificate of Insurance, or other equivalent proof of insurance documents at the discretion of Risk Management, stating that there is insurance in effect with the minimum limits described in a contract. It is the responsibility of the College or Operating Unit to obtain the Vendor’s Certificate of Insurance and forward a copy to Risk Management.
A certificate of insurance is a document provided to an outside organization as evidence of WesternU’s insurance coverage. Outside organizations typically request a certificate of insurance for the following reasons:
- The University has a written contract with the outside organization that specifically contains insurance provisions.
- If WesternU is required to provide proof of insurance, submit your request to Risk Management.
- The University is holding an event or activity at an off-campus location.
University agreements and contracts generally require the parties to the contract to carry insurance and to provide each other with evidence of the types and limits of insurance coverage they carry. Contractors and vendors with whom the University does business must submit certificates of insurance to the University that show that they meet the University’s insurance requirements. They obtain certificates of insurance from their insurance brokers and agents. The University issues its own certificates of self-insurance, when required by written agreement, to demonstrate its compliance with contract insurance requirements.
A Certificate of Insurance provides evidence that the contractor, consultant, or facility user with whom the University is doing business is covered by an insurance policy or policies that meet the requirements of the contract. The certificate provides evidence that the insured has the financial wherewithal to satisfy its obligations (1) under the indemnification provisions of the contract, (2) to pay for loss of or damage to property, (3) to pay judgments or settlements, and (4) to protect The Regents if costs are incurred as a result of the insured’s negligent acts or omissions. One of the most common certificates is the ACORD Certificate of Insurance form. See FS: Understanding the Acord Certificate of Insurance.
A certificate of insurance is proof of insurance coverage. Insurance coverage demonstrates that a contractor, consultant, vendor, or facility user can meet their financial responsibilities when their negligent acts or omissions result in claims, losses, liabilities, damages, or injuries. Without a certificate of insurance, the University does not know if a business partner has the financial wherewithal to take responsibility for liabilities and losses that it causes. If a business partner has no insurance, the University may have to pay the losses or liabilities caused by its business partner. Put another way, the University obtains certificates of insurance from its business partners to protect itself from the liability arising out of their activities.
Requests for Verification of Professional Liability Insurance (i.e. medical malpractice) and Claims History: The medical staff office of non-WesternU healthcare institutions, facilities, and medical malpractice insurance carriers may on occasion request information regarding the insurance coverage and claims history of current and former WesternU providers and alumni.
If your college or department received a request for verification of professional liability insurance, please direct them to send their request to Risk Management. A written request and signed Authorization to Release form must be submitted to firstname.lastname@example.org. The Office of Risk Management verifies professional liability insurance coverage and claims history only.