Beecher Carlson

Memorandum of Insurance


Q. What is a Memorandum of Insurance?
A Memorandum of Insurance (Memorandum or MOI) provides on-line information about a company's insurance program. This information includes policy numbers, limits, and insurance companies. Beecher Carlson prepares the Memorandum and the information is subject to the terms and conditions stated on the Memorandum. The information can be viewed at the MOI web site.

Q. Is a Memorandum of Insurance evidence of Insurance coverage?
Yes. The Memorandum is an acceptable method to evidence current policy coverage information.

Q. How is the MOI different from a Certificate of Insurance?
The MOI shows insurance information, just as a Certificate of Insurance does. The MOI has no signature, the certificate holder's name is not shown and it is called a Memorandum of Insurance rather than Certificate of Insurance. The MOI also does not have the standard cancellation wording contained on a Certificate of Insurance.

Q. Is the Memorandum of Insurance information available 24 hours a day, 7 days a week?
Subject to maintenance and information updates on the Site, the MOI is generally available for viewing at any time

Q. Can the MOI be printed?
Yes; you may print a copy for your files.

Q. What are the key benefits of this MOI web site?
The MOI is available to view at any time. Use of a MOI also reduces the paperwork, phone calls and faxes involved in obtaining paper Certificates of Insurance.

Q. What are the financial ratings of the carriers listed on the MOI?
Ratings are available through A.M. Best Company at Beecher Carlson does not guarantee the financial ratings of carriers.

Q. How do I know if I have Additional Insured status if my company's name does not appear on the MOI?
Some companies do not grant Additional Insured status. If Additional Insured status is granted, it is done by endorsement to the policy. The terms of that coverage grant will vary by policy/carrier/endorsement. In such a case, the insured's policy will dictate to what extent coverage is provided to you. The MOI may indicate that the policies of insurance have been extended to provide Additional Insured status to a group of entities with whom the insured does business. Look carefully at the Additional Information section of the MOI for information regarding Additional Insured endorsements to the policies of insurance.

Q. Why is there no notice of cancellation on an MOI?
The MOI streamlines the outdated, paper-intensive process of issuing Certificates of Insurance and offers you the ability to check the MOI any time to verify that coverage is presently in place. Viewers who access the MOI are not tracked, so they cannot be notified of a cancellation.

Q. What happens to the information at renewal?
Beecher Carlson will update the information on the MOI and post to the web site at the time of policy renewal and any time there is a major change in coverage, term or insurance company.