Certificates of Insurance
The University requires a Certificate of Insurance from contractors and vendors providing services to the University.
A Certificate of Insurance is a statement that a person or organization has insurance, including each policy's coverage period and dates.
Minimum Insurance Limits
All contractors/vendors should have the following minimum insurance limits, unless approved in advance by Risk Management:
- Commercial General Liability, including bodily injury and property damage, $1,000,000 per occurrence, $2,000,000 general aggregate
- Comprehensive Automobile Liability, including bodily injury and property damage, $1,000,000 combined single limit per occurrence
- Workers' Compensation and Employer's Liability, following Virginia statutory limits / $1,000,000 each person
These lines of insurance are the most commonly requested by the University. Other lines of insurance coverage may be required for certain types of exposure and limits of liability may vary depending on the type of contract.
Minimum A.M. Best Rating
It is also recommended that insurance carriers have a minimum A.M. Best rating of A or better. Ratings indicate the size and financial stability of the insurance company. For information regarding these ratings, contact either your insurance agent or Risk Management.
Additional Insured
There are many alterations to insurance policies that can be noted on certificates. The University must be shown as Additional Insured on all general liability and automobile liability policies, as insurance is extended to entities named as Additional Insured on a policy.
Principally, this means that they can make a claim directly against the policy. The insurance coverage provides the financial security needed to support the indemnification agreement.
Maintenance Responsibility
The department managing the contract is responsible for maintaining the Certificates of Insurance. Therefore, it is important that the contractor/vendor is provided the name and mailing address of the individual responsible for the contract maintenance so the certificate will be sent to the appropriate person.
Check the expiration dates of the insurance policies to be sure Certificates of Insurance are maintained throughout the life of the contract.
For more information on insurance requirements, contact Yahneet Govine.