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Insurance Certificates

ACORD 23 - Leased Auto Certificate of Insurance
ACORD 24 - Certificate of Property Insurance
ACORD 25 - Certificate of Liability Insurance

Insurance Certificates compared to Evidence of Insurance Forms and Binders

Certificates are used for informational purposes only. Certificates do not change coverages or terms of the insurance contract.

Evidence of Insurance Forms give the holder of the form rights under the specific insurance contract which is summarized on the Evidence of Insurance Form. The rights include notice of cancellation.

Binders are a substitute for the actual insurance policy. They act as a contract, certificates of insurance do not.

Does the party the Certificate of Insurance is given to become part of the contract of insurance?

No. Not only do they not become a part of the insurance contract, they gain no rights as a result of receiving the insurance certificate. The certificate of insurance only informs them that the coverages existed at the time the certificate of insurance was issued.

Does a Notice of Cancellation have to be sent to holders of Insurance Certificates?

No. Since the certificate of insurance does not grant the holder of the certificate any rights (remember it is for informational purposes only) no notice of cancellation is required. However, many insurance companies do, in the normal course of operations, attempt to send certificate holders copies of notices of cancellation.

What if the certificate holder does have an insurable interest?

Many times a party with a valid insurable interest will request a certificate of insurance. Examples include addtitional interest insureds, lessors, loss payees, mortgagees and leinholders. You need to be certain that these interests are reflected by properly adding these interests to the policy by endorsement. The act of issuing a certificate of insurance does not add these parties to the policy.

IMPORTANT: ACORD Certificates of Insurance should only be used as approved by your insurance company. They should not be used to change wording of a contract or to accomplish any change which needs to be accomplished by an endorsement.

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