In other cases, LSC is required to provide evidence of coverage to others (outside the system). This is known as an "Outgoing COI." Upon request, the Office of Risk Management (ORM) will provide appropriate documentation of insurance or self-insurance coverage.
The NAME and ADDRESS of the intended certificate holder;
A brief description of the intended activity and/or agreement giving rise to the COI request;
A copy of the relevant contract or agreement;
The type of insurance and limits to be documented, i.e., general liability, automobile liability, property, etc. (generally noted in the relevant contract/agreement); and
Any special conditions, such as additional insured status requirements (generally noted in the relevant contract/agreement).
General Guidelines: The ORM is responsible for review of insurance related language and requirements that preserve human and physical assets of the system. Most contractual agreements have insurance requirements that require a certificate of insurance be obtained to evidence coverage by that party. It is the role of ORM to assist in review of loss exposures that may adversely affect LSC through identification, analysis and risk control processes.
What is a Certificates of Insurance (COI)?: A document providing evidence of the existence and terms of a particular insurance policy at a particular moment in time, typically referencing a specific term, and usually in compliance with requirements written in most contractual agreements. It is issued by a licensed insurance expert on behalf of the insured. It confers no rights, does not change or extend coverage, nor provides information that is not specifically written in an insurance policy.
The following are examples of types of exposure and policies that often prompt requests from other entities to be listed as a Certificate Holder on Certificates of Insurance. These may include (but are not limited to):
Property & Equipment
General Liability & Excess
Boiler & Machinery Breakdown
Commercial Fleet Liability
Unlicensed motorized golf carts, boats, forklifts, segways, rental lifts, etc.
Fine Arts coverage
Dental Clinic Liability
Medical Professional Liability for Health Profession Interns
F-1 International Students Health Insurance
Study Abroad & Travel Program Insurance, including FIE programs
In order to limit exposure to LSC, it is suggested potential insurance requests be reviewed by the ORM prior to being written into contract language.
Common Types of Requests for Certificates of Insurance (COI): Agreements that require LSC to list other entities as Certificate Holder so as to provide evidence of insurance for:
LSC use of otherís facilities;
LSC obligations as part of an agreements with another entity, i.e., MOUs, use of otherís facilities/property, etc.;
Health Occupation requests for evidence of professional liability or evidence of insurance coverage as part of an agreement; or
May or may not be a standardized agreement.
Please refer to the Administration and Finance Operations Manual (AFOM) for handling requests to vendors for evidence of insurance. Copies should be retained on file and a scanned copy forwarded to the purchasing department as applicable to the process listed in the AFOM. Contract Originator ensures compliance with LSC policy, administrative, finance and legal guidelines have been met. This needs to be done on a line by line basis. What is the contractual requirement, versus what is represented on the certificate of insurance? ORM can assist you with this task.