A Certificate of Insurance (COI) is a document that verifies the existence and coverage of an insurance policy. It's often required when entering into contracts or leases. Within a COI, there are three key roles:

Owners
• Definition: The legal owner of the property or entity that is being insured.
• Role: The owner usually is responsible for ensuring that adequate insurance coverage is in place to protect their assets.
• Example: A property owner would be the owner in a commercial lease agreement.

Lessees
• Definition: A person or entity that leases or rents property from an owner.
• Role: Lessees might be required to provide proof of insurance to the property owner, especially if the lease agreement specifies that they are responsible for certain types of damage.
• Example: A tenant in an apartment building would be a lessee.

Contractors
• Definition: Individuals or businesses hired to perform specific tasks or services for an owner or lessee.
• Role: Contractors often need to provide proof of insurance to the entity they're working for to protect against potential liabilities.
• Example: A construction company hired to build a new building would be a contractor.

In a nutshell:
• Owners are the legal property owners.
• Lessees are those who rent or lease property.
• Contractors are hired to perform specific tasks.

The COI will typically list the insured party (owner, lessee, or contractor), the type of insurance coverage (general liability, property insurance, etc.), and the policy limits. It's essential to review the COI carefully to ensure that the coverage meets the requirements of the contract or lease agreement.

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09/12/2024