Certificates of Insurance

The University requires a Certificate of Insurance from contractors and vendors providing services to the University. All requests must flow through Risk Management.

A certificate is not a binding document. It is merely a statement that a person or company has insurance. It requires that notice be given to the certificate holder 30 days prior to the policy being cancelled or amended.

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, following Virginia statutory limits

These are the most common 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 us.