What information must be included on the insurance documentation? Can I submit a binder?

Answer:
Supplier standard 10 states 'a supplier must have comprehensive liability insurance in the amount of at least $300,000 that covers both the supplier's place of business and all customers and employees of the supplier. If the supplier manufactures its own items, this insurance must also cover product liability and completed operations.'

The following information must be listed on the insurance policy:

• NPWest as the certificate holder
• Legal business name
• Policy number
• Issue and expiration dates
• Physical location(s) covered. If you have a policy covering more than one location, be sure the policy either states this is a blanket policy which covers all locations under the tax ID or it lists each separate location being covered.
• Policy indicates at least $300,000 in comprehensive liability coverage per location. If the supplier is manufacturing its own items this insurance must also cover product liability and completed operations. 

Note: A binder is not acceptable as proof of insurance. When purchasing comprehensive liability insurance, the agent will often provide a binder, which is created by the agent. Generally, within 30 days or so, the insurance company will send the finalized insurance documents (some insurance companies may take longer.) The certificate of insurance is acceptable as it shows all information required to be included.