AboutKristen Mulcahy, CIC Expertise My specialty is commercial insurance for business owners. I can answer questions regarding
liability, property, auto, workers compensation, directors and officers, umbrellas and
risk management for all types of businesses. Risk management or loss control, is taking
measures to reduce the chances of a loss in the first place or, helping you prevent it
from happening again. Insurance can be complicated and confusing and there are no stupid
questions! I own a Risk Management company in New England that provides insurance consultations
to business owners and sight inspections for insurance companies.
Question How long do you recommend a client keep a COI?
Answer Holly;
All COI's have an expiration date so they're not valid going forward, after that date. However, I would keep certs indefinitely. Let's say the client in question is a strip mall and they hire a contractor to put on a new roof, 3 years goes by and all of a sudden the roof collapses and it's due to negligence on part of the roofer. They try to locate the roofer but he has since gone out of business and left the state. Most likely the insurance he had in place is occurrence based, which means the insurance that was in place when the claim occurred is the one that will respond. If they still have the cert they asked for before the roofer started the job, they make a claim with that carrier. If a client is a contractor, for example, and get's audited at the end of their policy year, they'll need COI's from any sub they used so those paid amounts aren't included in their audit as payroll. So, in a nut shell, my answer and recommendation is indefinitely, or until they sell the business or property that the cert was obtained for. I hope that answers your question! If you need anything else feel free to email me again.
