FCS Deepak Pratap Singh
Quick Summary
Dear Friends, As you are aware that an Insurance Certificate describes insurance coverage to the insured. It contains details of insured, his name, address, contact details , property insured, type of insurance, the nature and the name of risk insured and of course main thing the total Sum Insure
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FAQ :
A Certificate of Insurance (COI) is a document issued by an insurance company or broker that verifies the existence of an insurance policy and summarises its key aspects and conditions, including details of the insured, the risk covered, and the sum insured.
Yes, it is mandatory to have third-party insurance coverage for every two/four-wheeler motor vehicle according to the Motor Vehicles Act, 1988. The Central Motor Vehicles Rules, 1989, mandate insurance companies to issue a Certificate of Insurance to the policyholder.
A COI contains details about the insured, their contact information, the property or risk insured, the type of insurance, and the total sum insured. For motor vehicles, it includes details about the vehicle, policyholder, and the insurance policy itself.
When the ownership of a motor vehicle is transferred along with its insurance policy, the Certificate of Insurance is also automatically transferred to the new owner. The new owner must inform the insurer within fourteen days of the transfer.
Yes, a Certificate of Insurance is a legal document and can be produced as evidence in legal cases. In cases of discrepancy between the COI and the full insurance policy, the COI's terms generally prevail for third parties.
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