C
Reimbursement

COI (Certificate of Insurance): Certificate of Insurance

Definition
A document issued by an insurance company verifying the existence of insurance coverage (Auto Liability, General Liability, Workers Comp) and summarizing the limits and policy period.

Overview

Why it Matters

NEMT is a high-liability industry. Brokers and Facilities will not dispatch trips to a provider without a valid, current COI on file.

How it Works

The insurance agent generates a PDF listing the Broker as a "Certificate Holder" or "Additional Insured," proving they are covered if the provider causes an accident.

Code Comparison

Comparison: COI vs. Policy

The Policy is the full 100-page contract. The COI is the 1-page summary used for business proof.

Common Questions

  • Lapsed Coverage: Forgetting to send the new COI when the policy renews, causing an automatic suspension of the provider account.
  • Insufficient Limits: Buying $500k liability when the contract requires $1 Million (standard for NEMT).
  • Set calendar reminders 30 days before policy expiration to request the new COI.
  • Ensure "Sexual Abuse and Molestation" coverage is explicitly stated if required by the contract.

Sources

Investopedia - Certificate of Insurance (COI)