The Problem
A certificate of insurance is only proof that at a point in time insurance existed
Risk Managers, Procurement Departments and others want simple assurance that their Suppliers and other third-parties have valid insurance coverages that meets their requirements and protects them against potential loss.
The age-old method of validating this insurance coverage is to collect a Certificate of Insurance (COI) which is a piece of paper that verifies insurance for the day it was issued. The only way to continuously verify insurance would be to collect a new COI every day.