{"id":16019,"date":"2022-08-10T15:00:00","date_gmt":"2022-08-10T19:00:00","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=16019"},"modified":"2023-07-22T11:36:27","modified_gmt":"2023-07-22T15:36:27","slug":"what-is-a-coi","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/what-is-a-coi\/","title":{"rendered":"Moving Soon? You Need to Know About Certificates of Insurance"},"content":{"rendered":"\r\n

If you\u2019re planning to hire movers to help ease the transition into a new apartment this summer, you can safely expect that your building manager may request that you get a COI or a Certificate of Insurance. Thankfully, the moving company<\/a> that you hire can submit a COI easily on your behalf. While it\u2019s easy for these kinds of paperwork to slip through the cracks during these types of large transitions, it\u2019s important to be aware that the delivery of this certificate is an important step in the process\u2014and that your move may not happen at all without it.\u00a0<\/p>\r\n\r\n\r\n\r\n

What is a COI?<\/h2>\r\n\r\n\r\n\r\n

A certificate of insurance serves as proof<\/a> that a moving company, delivery service, or contractor possesses insurance that will provide coverage for them and the building they are working in should any major incidents occur. This document concisely lays out the details of their policy, including the nature of the coverage provided as well as its limits, in order to make this information accessible to all involved parties. In most cases, you will be required to get a COI from the contractors and movers you work with as most will be required to submit a COI to your building\u2019s management before they will be allowed to enter the premises.\u00a0<\/p>\r\n\r\n\r\n\r\n

What Info Does the COI Include?<\/h2>\r\n\r\n\r\n\r\n

Though COIs are based on a standardized template, each certificate of insurance is specifically tailored to the contract being fulfilled. It will include information about the service being provided by your contractor, the names and contact information of the parties involved in the transaction, and the address of the building you are moving into. The COI will also outline various aspects of your contractor\u2019s insurance policy, including their liability coverage and its limits.<\/p>\r\n\r\n\r\n\r\n

When reviewing your contractor\u2019s COI, be sure that its contents are accurate and up to date. If anything listed in the COI is incorrect, be sure to request an updated document immediately in order to avoid snags later on down the line.<\/p>\r\n\r\n\r\n\r\n

Can I Use Renter’s Insurance?<\/h2>\r\n\r\n\r\n\r\n
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Many renters mistakenly believe that they will not need to provide a COI if they possess their own apartment insurance. This is not the case, as your movers\u2019 insurance policy will pertain to a much broader range of damages and provide greater coverage. At times, coverage goes up to millions of dollars. In fact, certain luxury buildings will only accept movers whose certificate of insurance confirms that they are insured for upwards of $10 million. Your movers\u2019 insurance, as laid out in their COI, will also protect you and your movers. This includes when workers are injured, or common areas of your building are damaged during the move.<\/p>\r\n

Do I Need a COI if Using Moving Contractors?<\/h2>\r\n

COIs are necessary any time you are bringing in a third-party service<\/a> that could potentially cause damage to your building. This includes not only movers but also contractors and furniture delivery services who you have hired to help out with renovations. When working with movers, you will most likely need to provide a certificate of insurance to both the manager of the building you are moving into and the manager of the building you are moving out of.<\/p>\r\n

More expensive buildings, especially those with doormen, are sure to be sticklers about COIs and will most likely require the submission of a COI before granting you permission to move in. Nevertheless, not every building will explicitly require a certificate of insurance\u2014but it is always wise to ask. The last thing you want is to deal with the unexpected obstacle of tracking down a COI at the last minute on moving day.\u00a0<\/p>\r\n\r\n\r\n\r\n

How Can I Obtain a COI?<\/h2>\r\n\r\n\r\n\r\n

The first step is to contact your building\u2019s management and confirm that they require you to get COI. If so, you can then ask if they have a specific template or format they prefer to use. Next, you will pass their template on to your contractor. If they are an experienced and legitimate service provider, they should have no trouble filling out the requested information. They may even have their own templated and formatted COI ready to go. Finally, you\u2019ll submit the completed certificate to your building\u2019s management. Be sure also to save a copy for your own records.<\/p>\r\n

When Do I Need a Copy?<\/h2>\r\n\r\n\r\n\r\n

Some buildings only require a COI to be sent in at least one day before your move. Others may need the document weeks in advance so that they can factor your move into their elevator<\/a> schedule. In either case, it\u2019s important to get the ball rolling on acquiring your COI sooner rather than later in order to allow extra time for corrections in the case that a discrepancy is found. After all, a delayed COI can ultimately throw a massive wrench into your moving plans.<\/p>\r\n\r\n\r\n\r\n

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