Along with many other official documents, when a company does business with another company, it needs to make sure that each partner has the ability to cover any kind of loss in the future caused by an employee, local government or ethical groups. For example, a company hires a contractor to construct a new building for the employees and during the construction; there is an incident, which causes a lot of damage to the company or its employees.
In that case, the hiring company wants to make sure that the contractor has enough insurance that he will pay for the damage. This document is a proof that a company has the required insurance and it will pay for any damage caused by anyone. Most of the time, only the construction companies have insurance liability certificates because it’s a fact that when there is construction going on, there will be some kind of damage or even a death related incident within the employees of the company. With this certificate, that company can easily cover the damage or pay for the insurance of the dead employee.
An Insurance Liability Certificate Includes:
- Type of insurance
- Name of the company and the agent who is issuing the certificate
- Serial number of the certificate along with the date
- Validity period of expiry date of the certificate
- Name of the company that is going to own the certificate
- Effectiveness clauses and rules
- Limitations of insurance policy
- Coverage details of the policy
- Authentication by the company issuing the certificate
- Signatures of witnesses for the additional authentication
Uses of Insurance Liability Certificate:
As we have discussed above that this particular certificate is nothing itself but it includes a lot of benefits for the owner and this is why most of the times, we see this certificate in the construction companies and contractors or subcontractors. When a company wants to deal with a vendor or supplier, it verifies the authentication of the supplier by viewing the liability insurance.
On the other hand, we also see this certificate used mostly by the construction companies and building contractors who know that when they are working somewhere, there are possibilities that any of their employees will cause some damage to the property or will hurt him or others. With the presence of this certificate, they can free themselves from any worries because if such incident happens, the insurance company will pay all the losses.
Advantages/benefits of Insurance Liability Certificate:
There are many benefits of having insurance liability certificate but as we have discussed above, the most important or key benefit of this certificate is for the construction companies and high profile vendors or suppliers who don’t want to pay for the loss or damages by them. This way when there is any kind of damage within the company or to the government or public property, the insurance company will pay for it instead of the company that caused the damage.
Here is preview of a Free Sample Insurance Liability Certificate Template created using MS Word,
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