As if moving home wasn’t stressful enough, you have to also worry about things like Certificate of Insurance (commonly known as the COI) as well. Now, what exactly is a COI and do you need it for your upcoming move? Certificate of Insurance is an official document that is provided by your moving company’s insurance provider. In a nutshell, it is an indicator that your movers are insured. Not sure if you need one? Well, if you’re renting a unit in an apartment building, chances are your landlord may need a COI from your movers. Why does your landlord need it, you ask? Continue reading below as we address some of the more common questions regarding Certificate of Insurance, and learn if you need Certificate of Insurance for your move.
You need Certificate of Insurance for your move
- What is a Certificate of Insurance (COI) ?
Simply put, a certificate of insurance is used to verify the existence of coverage. More specifically, it lists important information, such as the kind of coverage, effective date, liability, and more. It is often demanded by property management to ensure that if damage to the property does occur as a result of the move, the movers are able to pay for the damages caused. Buildings have specific requirements that the COI must meet, and will therefore, require a copy of the COI at least 24 hours in advance, to ensure all of the conditions are being met.
- How do you know if you need a COI?
For the most part, COI requirements are very common for moves that take place in apartment complexes of urban cities. If you are moving from or to a luxury, high-rise building, then there’s a very high chance that the management will require a COI from your moving company. In most cases, your building management will alert you of such requirements as soon as they learn of your upcoming relocation. They will usually provide a sample document outlining all of the specific requirements. A document similar to the above image.
- How do you get a COI from your moving company?
Ideally, a knowledgeable moving representative will ask their clients whom are moving to or from a property similar to the ones commonly known to require a Certificate of Insurance, if a COI is needed. If your rep doesn’t ask, just simply tell them yourself when booking your move. In fact, acquiring a COI should require very little effort on your part, as for the most part; your movers will work directly with the building management to provide them the proper documentation needed. The most you will have to do is let your moving company know your move requires a COI and provide them with the contact information of the property management. They will then contact them and provide what is required. Do follow up with both, your movers and management to make sure everything has been resolved, don’t assume!
- Failing to provide a COI when one is needed!
Certificate of Insurance must be processed and rendered by your mover’s insurance company, a process that can take up to a week. With that being said, if the COI is not requested within sufficient time or not at all, your entire move will be affected and most likely postponed. Most buildings requiring a COI will need this document at least 24 hours prior to the move. Although some will accept it at the time of the actual move, not all are this lenient. Your moving company needs to be aware of the COI requirements several days in advance in order to have it processed in time for the move. If sufficient notice is not provided your movers may not be able to have the COI ready in time for the move date, despite the attempts made on their part. It is actually something that is out of their control because it is up to their insurance company to process the document and have it ready in a timely manner. In the worst case, your moving crew will show up on the move day, without any knowledge of a COI requirement, and get denied entry into the building. At this time, your move is postponed to a later date or your moving crew will stand idle as they wait for COI to be sorted out between the moving company and building management. This will delay your move and result in surcharges.