How to Submit a Certificate of Insurance (COI) and Ensure Compliance for Invoice Adjustments
Certificates of Insurance (COI) play a crucial role in ensuring compliance with insurance requirements and can also help reduce or credit insurance charges on invoices, such as the Rental Protection Plan (RPP) fee. Below is a comprehensive guide to submitting a COI and ensuring it meets all necessary criteria.
The Rental Protection Plan (RPP) is a fee applied to rentals to provide additional protection when a Certificate of Insurance (COI) is not on file. Without a valid COI, the RPP fee is automatically applied at 15% of the total rental charge.
Overview of COI Requirements
To successfully submit a COI, it is essential to include all required details as specified by the company’s COI requirements document. These details typically include:
Named insured
Additional insured wording
Certificate holder information
Any required addresses
If you are unsure about the specific requirements, request the COI requirements document from support and share it with your insurer. This ensures the certificate is formatted correctly and meets all necessary criteria.
Without a valid COI, the RPP fee is automatically applied to your account, calculated as 15% of the total rental charge. Submitting a compliant COI ensures this fee is waived.
Submission Process
Only an Owner and Manager-level role can submit a credit application.
From Account Details on the EquipmentShare website, select Apply & Manage Credit Account.
Before submitting the application, enter the Company, Billing, and Insurance information from the new form. The EquipmentShare credit team will review and process the request promptly.
To resolve RPP charges, submit a valid COI to the designated insurance intake channel for your account. Once reviewed and approved, a credit will be issued for the RPP charges applied to your account.
If you have your own insurance and wish to remove the RPP from active rentals, submit your COI to the designated insurance department. Once processed, the RPP will be removed from your active rentals.
Additional Support
If you encounter any issues or have questions about the COI submission process, contact support to:
For further assistance, you can also contact the designated insurance email address provided by your account’s support team.
Request the COI requirements document.
Clarify any doubts about the submission process.
Ensure your COI is compliant with the company’s standards.
By following these guidelines, you can ensure your COI submission is successful and take advantage of potential invoice adjustments.