A Certificate of Insurance (COI) is a document that verifies the existence of insurance coverage, including details about the type and extent of coverage provided. It serves as proof of insurance for the insured party, typically issued by the insurance company or broker.
Insurance coverage refers to the total amount and type of insurance a property owner maintains to protect against various risks, including hazards, liability, and other potential losses.
Liability insurance provides protection for a property owner from claims that arise due to injuries or damage to others or their property. It covers legal costs and any payouts for which the insured would be responsible if found legally liable.
Premium has multiple meanings in real estate: it refers to the cost of an insurance policy, the value of a mortgage or bond in excess of its face amount, and the amount over market value paid for some exceptional quality or feature.
