How_to__Review_a_Certificate_of_Insurance_(COI)_.pdf

Insurance Company or Broker Company Address City, State, Zip

PRODUCER

Insurer, agent, or broker issuing the certificate

Vendor Company Name Company Address City, State, Zip

INSURED

Must be the legal name of the vendor contracting with the City of Boston

12/01/2025

CERTIFICATE

ISSUE DATE

Must be current, less than 3 months old

John Doe

(123) 456-7890 john.doe@insurancecompany.com

CONTACT

Point of contact for the certificate producer

Insurance Company A ##### Insurance Company B ##### Insurance Company C ##### Insurance Company D #####

INSURER(S)

Insurance companies’ names and National Association of Insurance Commissioners (NAIC) numbers must be listed for each policy

TYPE OF INSURANCE

Must include all types of insurance required by the contract, as specified in the bid document

POLICY FORM

“Claims Made” or “Occurrence” must match what is required by the contract, as specified in the bid documents (see detailed definitions on page 2)

POLICY EFFECTIVE &

EXPIRATION DATES

Policies must be effective for the period of the contract (see detailed definitions on page 2)

ADDITIONAL

INSURED

The City of Boston must be named as Additional Insured for policies as specified in the bid documents (see detailed definitions on page 2)

POLICY LIMITS

Listed in this column, must be the same or greater than required by the contract, as specified in the bid documents (see detailed definitions on page 2)

The City of Boston must be named as Additional Insured for all policies as specified in the bid document

Vendor can list additional information like City contract number, Event Bid number (EV000XXXXX), or City contracting department to help with certificate tracking

CERTIFICATE HOLDER

Must be the City of Boston, as the entity requesting proof of insurance

DESCRIPTION OF

OPERATIONS

Vendor can note Additional Insured details, other lines of insurance, and information like City contract number, Event Bid number, and City contracting department to help with certificate tracking AUTHORIZED REPRESENTATIVE

Must be signed by an authorized representative for the producer

City of Boston ATTN: Department (optional) 1 City Hall Square Boston, MA 02201

OTHER LINES OF

INSURANCE

Must list other types of insurance required by the contract, as specified in the bid documents

Examples:

PROFESSIONAL LIABILITY

CYBER LIABILITY POLICY NUMBER

Each policy number must be listed

123456789

ABCD12345

XYZ987654

987654321

WAIVER OF

SUBROGATION

Must be included in favor of the City of Boston (see detailed definitions on page 2)

Office of Budget Management, Risk Management

HOW TO: REVIEW A CERTIFICATE OF INSURANCE (COI) FORM

What is this guide? This guide outlines how to review an ACORD 25 Certificate of Insurance (COI) form for completeness. More information about insurance requirements for contracts can be found here. If you have questions about insurance, contact Peggy Zhang, Risk Finance Manager in the Office of Budget Management, at peggy.zhang@boston.gov.

What is a COI? A vendor’s insurance agent or broker issues a COI to provide verification of compliance of insurance specifications, along with any endorsements that may be needed to comply with your procurement requirements. This certificate serves as evidence that the insured (vendor) has the financial ability to respond to a claim that may arise. The certificate confers no rights upon the certificate holder, and does not amend, extend, or alter the coverage afforded by the policies. More information about the ACORD 25 form and other insurance certificate forms can be found at www.acord.org.

JOHN DOE

CANCELLATION

Insurance company must notify the City if a policy is cancelled (see detailed definitions on page 2) https://docs.google.com/presentation/d/1F04uTVMIs207M_fdFrR3Z9R-BhcQQ_b6jnoDYtVmmpo/edit?slide=id.g391945bc9f4_1_0#slide=id.g391945bc9f4_1_0 http://www.acord.org

DETAILED DEFINITIONS

POLICY FORM: Determines whether a policy covers incidents based on date of claim or date of incident

1. Claims-Made: An insurance policy that provides coverage for claims only if the claim is reported during the policy term; a retroactive date may also impact if a claims is covered or not

2. Occurrence: An insurance policy that provides coverage for claims arising from incidents that occur during the policy period, regardless of when the claim is actually reported or filed

On the COI: “Claims Made” or “Occurrence” must match what is required by the contract, as specified in the bid documents.

POLICY LIMIT: Determines how much is covered under a policy (more information about the City’s recommended insurance limits and types can be found here)

1. Per Claim Limit: The maximum amount an insurance policy will pay for all claims resulting from a single claim

2. Per Occurrence Limit: The maximum amount an insurance policy will pay for all claims resulting from a single incident or event that occurs during the policy period

3. Aggregate Limit: The maximum amount an insurance policy will pay for all covered loss during a specified policy period;

once the aggregate limit is reached, the insurer will not pay any further claims for that policy period

On the COI: Policy limits must be the same or greater than required by the contract.

POLICY EFFECTIVE & EXPIRATION DATES: The start and end dates of the policy

● Policies must be effective for the period of the contract. If a policy will expire before the end of the contract period, the vendor must submit a new certificate when their current policy expires.

● Vendors are responsible for providing a new COI each policy year.

ADDITIONAL INSURED ENDORSEMENT: Addendum to an insurance policy that extends certain coverage to another organization, for liabilities arising from the primary policyholder’s activities or operations

● The City of Boston must require being named as an additional insured on relevant liability policies if the vendor is working on the City’s behalf, directing or controlling the work of City employees in a situation where injury or harm might result, or if the vendor is renting or utilizing a space owned by the City. This endorsement provides the City another layer of protection.

● Note about Professional Liability: With some exceptions, insurers generally do not add another entity as additional insured to a professional liability policy unless they are employees or subsidiaries of the primary insured entity, due to the specialization of this type of policy. If you are unsure whether this applies to your contract, contact peggy.zhang@boston.gov.

On the COI: The City of Boston must be named as Additional Insured for policies as specified in the bid documents.

WAIVER OF SUBROGATION: Insurance company agrees not to pursue a third party (like the City of Boston) for money after paying a claim for their insured (City vendor)

● Subrogation: An insurance company’s right to step into the shoes of an insured party to seek reimbursement from a third, at-fault party after paying a claim

○ If subrogation is not waived, the vendor’s insurance company can look for reimbursement of any claim payments they have made if they believe the City’s negligence contributed to their financial loss.

On the COI: Waivers of subrogation must be included in favor of the City of Boston.

NOTICE OF CANCELLATION: Notification from an insurance company if a policy is cancelled

● The City’s insurance requirements in the bid documents should require at least thirty days written notice in the event of insurance policy cancellation, non-renewal, or material changes in coverage during the term of the contract.

Office of Budget Management, Risk Management 2 https://docs.google.com/presentation/d/1F04uTVMIs207M_fdFrR3Z9R-BhcQQ_b6jnoDYtVmmpo/edit?slide=id.g391945bc9f4_1_27#slide=id.g391945bc9f4_1_27