When applying for any type of insurance policy with an insurance company, you will be required to fill in the essential details of the risk you want covered.After which, the insurance company will carry out a thorough analysis of the risk you have indicated on the application form to ascertain the authenticity of the information provided.When all this is done and the company validates the information you have provided, you will be issued with a certificate of insurance. This will act as prove of coverage when a risk covered under the policy occurs. The insured can use this certificate to determine whether they are eligible for compensation.
Certificate of insurance for contractors contains a number of important information concerning the insurance policy you have taken out.It contains different kinds of coverage in the policy. This will help you to determine the extent to which the policy you have taken out covers the risks. It also contains the limits to which the policy covers the risk. Some contractor insurance policies do not cover particular risks. For example, the builders risk insurance policy is only limited to fire and any other malicious damage to the building under construction. This means that it does not cover damage as a result of natural calamities like earthquakes and floods. Certificate of insurance for contractors will bring to light these limits of coverage to the insured.
It also entails the expiring date of the insurance policy. This means that after this date, the policy is considered to be null and void, unless you renew the policy with the insurance company. If the terms and conditions of the insurance company you had insured the risks with have not changed, the policy will be automatically renewed once you continue paying for the premiums.On the contrary, you need to sign a new contract with the company, if in any case the terms and conditions have changed.This means that, you will be issued with a new certificate of insurance for contractors stating the changes.It contains the date in which the policy became effective and the insurance carrier.
Just like any other form of certificate issued, certificate of insurance for contractors is no different. It contains the name of the policy holder together with his or her address.Finally, it contains the name of the certificate holderand their address.It should be noted that,certificate of insurance for contractors is not an insurance policy, but prove of insurance. With this kind of document you will be able to produce it whenever any prove of insurance is requested. As a policy holder, you need to have this type of evidence of insurance policy at hand. This will help you to deal with circumstancesdemanding that you show prove of the insurance cover against certain risks.Safepro provides such services to its clients. With safepro, you will be able to have evidence of any type insurance cover that you have taken out.Certificate of insurance for contractors is thus an essential document to have for any contractor.