Understanding the need for a Certificate of Insurance (COI)
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Does your residence require a certificate of insurance COI for delivery?
If you’re moving in or out of a condominium or apartment building, your building may require your moving company to submit a certificate of insurance (COI) before they can even step foot inside the building. Once you plan your move, ask the building management if they require COI from the moving company you’re using. The best thing is to request a COI when booking your move and have it ready so your move can go smoothly.
Does the COI cost money?
No, it doesn’t cost anything to acquire COI. A moving company should be able to provide you with a certificate of insurance at no extra cost.
WHO IS PROVIDING A CERTIFICATE OF INSURANCE?
Building managers often ask for a Certificate of Insurance from moving companies in order to protect their buildings during a move. This is because while belongings are being moved, there is a possibility of the building becoming damaged.
Reputable moving companies will provide a COI whenever necessary. Customers must contact the moving company to request the COI and provide further detailed information so a COI can be prepared.
The majority of properties and building management companies in the urban areas of the United States require Certificates of Insurance in order to not be responsible for the damage that might occur on the property during the moving process.
WHAT EXACTLY IS A CERTIFICATE OF INSURANCE?
The Certificate of Insurance (COI) is a document from the moving company’s insurance company. The COI verifies that the moving company is insured and specifies the conditions in which the insurance will be used. The management of the building is aware that moving occasionally causes accidental damage.
Building management often requires documentation and proof of insurance to ensure the moving company is properly covered.
The Certificate of Insurance covers the following:
- Liability Insurance
- Automotive Insurance
- Workers Compensation
- Cargo Insurance
- Umbrella Coverage
Most building managers require coverage of two million dollars and some buildings require even more (landmark buildings or some high-profile buildings). It is important to check whether the moving company’s Certificate of Insurance covers the required amount.
HOW TO ACQUIRE A COI FROM ZIP MOVING & STORAGE
Acquiring a Certificate of Insurance is free of charge. When moving into a condominium or apartment building, ask the building management if a COI is required and how much coverage is necessary. If the building management does require one, contact Zip Moving & Storage and provide the details for whom the COI will need to be issued. The following details are also required:
- Building management supervisor’s name
- Contact information for building management (email, office phone, fax numbers)
The process to issue the COI may take several hours. If the COI is needed before or on moving day be sure to request it in advance. The COI can then be delivered to the customer or directly to building management. Many customers find it helpful to request the COI at the time of booking to avoid any issues on moving day.
The worst-case scenario is that movers are not granted access to the building until the COI is issued. This delay will slow down the moving process, as well as result in additional charges for extra hours on the job.
Here’s a friendly tip:
“Even though your building management does not require a Certificate of Insurance from your moving company, ask for one anyway. If the moving company is not able to provide you with a certificate, that means they are not insured, which is a major red flag!”