Certificate of Insurance (COI) Policy
Policy Number: 01.0003
Introduction
The New School ("University") requires contractors, vendors, and external parties with whom the University does business to provide evidence of certain types of insurance coverage at specified minimum limits. When required, the University also issues its own certificates of insurance to demonstrate its compliance with contract insurance requirements.
Purpose
To establish requirements for obtaining and providing Certificates of Insurance (COI).
Scope
This policy applies to any faculty, staff, alumni, or student contracting with outside parties to provide work or services to the university or who lease or temporarily use of non-university equipment or property.
Outside parties providing work or services to the university are also subject to this policy.
Definitions
Certificate of Insurance (COI): A document issued by an insurance broker or agent providing details regarding insurance maintained by the insured. The document is provided to a third party to satisfy certain contractual requirements.
General Liability Insurance (GL): A form of insurance that provides coverage for claims of negligence resulting in bodily injury, property damage or loss, personal injury, and advertising.
Memorandum of Insurance (MOI): An alternative to a COI which evidences the insurance policies, coverage terms, and limits of the insured.
Professional Legal Liability: Also known as Errors and Omissions (E&O) insurance, a coverage that helps protect professionals and quasi-professionals from liability that comes from errors, omissions, and negligence in the delivery of one’s professional services.
Worker’s Compensation: A form of insurance that provides wage replacement and medical benefits for employees who are injured or become ill in the course and scope of employment.
Responsibilities
New School community members who contract with outside parties are responsible for requesting and receiving valid Certificates of Insurance (COIs) from those parties prior to activities commencing on or with University property. New School community members are also responsible for requesting a COI from the University when contractually obligated.
Outside parties who come on campus to perform work, provide services, and/or use University facilities are responsible for requesting COIs which meet the University’s requirements from their insurance carriers and providing the documentation to the University in a timely manner.
Asset and Risk Management is responsible for policy support and enforcement, including distribution of outgoing University COIs.
Policy
A Certificate of Insurance (COI) demonstrates evidence of an insurance policy at the time of its issuance. It is a standardized insurance industry form listing the insurance coverages carried by a particular organization and is issued by an insurance broker/agency. A COI is essential in protecting the university from additional liability. A written contract or agreement, including COI requirements, must be submitted with all external party COIs and with requests for University issued COIs.
The New School, their board members, officers, trustees, donors, volunteers, agents, faculty, employees and representatives must be named as Additional Insureds on outside organizations' or vendors' COIs and in policies by endorsement. Policy must be endorsed as follows: This policy shall be primary and not contributing with any other insurance in effect for the Additional Insured on a primary and noncontributing basis. Waiver of Subrogation endorsement in favor of The New School must also be included with the COIs.
The New School requires a Certificate of Insurance to be provided in advance from any outside organizations or vendors who come on campus to perform work, provide services, or use University facilities. Educational speakers and instructors for academic presentations are exempt from this requirement.
The New School will also provide outside organizations evidence of the University's insurance coverage when contractually obligated. The contact should include policy requirements and limits, specifications for naming additional insured, and contact information for submitting COIs.
Procedure
Click the below for example scenarios necessitating a COI, COI requirements, and request procedures:
- Incoming or Third-Party Certificates of Insurance
- Outgoing or University Certificates of Insurance
- One-Time Certificate of Insurance (COI) With Tulip
Policy Administration
Responsible University Official: CFO
Responsible Office: Asset & Risk Management
Contact Information: COI@newschool.edu
Policy History
Effective Date: June 21, 2024
Last Reviewed Date: June 21, 2024
Next Review Date: June 21, 2029
Revision History: N/A