Film Accounting Glossary
Insurance certificate
What is an insurance certificate?
Also called COI, or certificate of insurance.
An insurance certificate is the document evidencing that the production's coverage is in force and, where required, naming a vendor or location owner as additional insured or loss payee.
No picture car, camera package, or location deal should be paid or picked up without the certificate issued to the right party. Accounting typically holds the payment until the certificate is on file, because the certificate is the production's proof of coverage if something is damaged.
Example
A vendor releases a $180,000 hero car only against a certificate naming it as loss payee. No certificate means no pickup, and if the vehicle is damaged with no certificate issued to the right party, the production is arguing with its own insurer from a weak position.
Figures are illustrative, chosen to show the mechanics rather than to quote market rates.
Where you'll see it
Held on file by accounting before payment or pickup. Requested at purchase order stage for vehicles, camera packages, and locations.
Common mistake
Releasing payment or collecting equipment before the certificate names the right party. If something is damaged, that omission is the whole argument.
Related questions
- What is a certificate of insurance for?
- It evidences that coverage is in force and, where required, names a vendor or location owner as additional insured or loss payee.
- When does a production issue an insurance certificate?
- At purchase order stage for vehicles, equipment, and locations, before pickup or payment, so the coverage is in place before the risk starts.