Certificate of Insurance (COI)
A record that offers proof of insurance coverage
Detailed Explanation
COIs are often required by clients, vendors, or landlords to verify that a business has the necessary insurance in place. It summarizes the key aspects of an insurance policy, such as the policyholder, coverage types, and limits.
Practical Example
A freelance graphic designer needs to provide a Certificate of Insurance to a new client to prove they have professional liability insurance.
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