What Is a Certificate of Currency and How Do I Get One?

A certificate of currency (CoC) is a document from an insurer that confirms an insurance policy is current (in force) on the date it is issued. It contains a summary of the policy. In this blog post, you will learn why you might be asked for a CoC, what it shows and how to get one.

Why head contractors and councils ask for a certificate of currency

Head contractors, councils and clients often ask tradies for a certificate of currency for their public liability insurance for tradies, and for other covers such as workers compensation, before work starts. It lets them check that the cover they asked for is in place, with the limit they need, and when the policy expires. Subbies can read about contractor public liability insurance.

What a certificate of currency shows

A CoC usually includes the following details:

Insured party details

This includes basic details like the name and address of the insured party.

Policy details

This includes the policy number, the type of cover and the policy expiry date.

Interested party

If a bank, lender or another party has an interest in the policy, its name may be listed as an interested party.

Sum insured

This shows the maximum amount of cover under the policy (for liability cover, the limit of liability).

Premium paid

Some certificates show the premium paid for the policy, including the method and date of payment.

Lenders and certificates

Banks and other lenders may also ask for a certificate of currency before they process a loan on an insured property, and the lender is often listed on it as an interested party. Where there is no building to insure yet (vacant land, or a build still covered by the builder's insurance), or the strata body insures the building, the lender may not ask you for one.

Why a certificate of currency matters

For the insured, having a copy of the CoC is important because it serves as proof of cover. It shows the cover was in place on the date the certificate was issued; it does not change what the policy covers.

It is also important for business owners to ask all contractors or third parties to provide a CoC before working on a project. Asking for one helps business owners check that their subcontractors or suppliers carry their own insurance before work starts.

How a certificate of currency can help you

• A CoC helps businesses avoid unnecessary risks, by checking that a contractor or third party has insurance in place before they start.
• A CoC lets you check that the contractor holds the cover you asked for, such as public liability or workers compensation, before they work on your premises.
• A CoC shows which policies the contractor holds, but it does not mean every problem with their work will be covered. That depends on the policy.

Requesting a certificate of currency

The process depends on your insurer. Some insurers let you download a copy from your online account; others send one on request. If an insurance broker arranged your cover, ask your broker for it. Either way, contact your insurer or broker to find out the steps you need to take.

Before you request a CoC, check the cover period of your insurance. If the policy is no longer current, you will need to renew it or take out a new policy first.

The bottom line

Head contractors, councils and clients often ask for a certificate before work starts. Ask your insurer or broker for one well before the job.

FAQs

Is a certificate of currency the same as a certificate of insurance?

Yes. A certificate of currency (CoC) is also known as a certificate of insurance (COI). Both documents confirm that a policy is current on the date they are issued.

How long does it take to get a certificate of currency?

It depends on the insurer, and on your policy being current. Ask well before you need it, especially if a head contractor or council has asked for it by a set date.

How much does a certificate of currency cost?

Ask your insurer or broker whether there is a fee for a certificate of currency.

Get a quote.