Certificate of Insurance
A Certificate of Insurance is a negotiable document indicating that insurance has been secured under an open policy to cover loss or damage to a shipment while in transit. The document is usually prepared by the insurance agent and forwarded to the party requiring it, such as a carrier or other freight forwarder. The Certificate of Insurance will list the name of the insured, nature of the goods, value of the shipment, and period of coverage.
When should a Certificate of Insurance be used?
A Certificate of Insurance should be used whenever goods are being transported and insurance is required. The document is also useful in verifying that insurance has been obtained for a shipment.
What information is included on a Certificate of Insurance?
The following information is typically included on a Certificate of Insurance:
- Name of Insured
- Nature of Goods
- Value of Shipment
- Period Covered
- Policy Number
- Insurance Company
- Claims Contact Information
- Signature of Insured or Agent.
Who should receive a Certificate of Insurance?
Certificates of Insurance should be sent to the party requiring it, such as a carrier or other freight forwarder. The document can also be useful in verifying that insurance has been obtained for a shipment.
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