Q. What is a Memorandum of Insurance?
A Memorandum of Insurance (MOI) provides
on-line information about a company's insurance program. This
information includes policy numbers, limits, and insurance
companies. Marsh 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 of Insurance 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.
Q. Is the Memorandum of Insurance
information available 24 hours a day, 7 days a week?
The Memorandum is available at any time,
subject to web site maintenance and information updates. Marsh
plans to update the information at the MOI web site at the time of
policy renewal and any time there is a major change in coverage,
term or Insurance Company.
Q. Can the MOI be printed?
Yes, you may print a copy for your files. When
you view the MOI, click on the printer-friendly version option.
Select File, Print.
Q. What are the key benefits of this MOI
- Available to view at any time.
- 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 www.ambest.com. Marsh 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
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 still in place. Viewers who access the MOI are not
tracked, so cannot be notified of a cancellation.
Q. What happens to the information at
Marsh will update the information on the
MOI at the MOI web site at the time of policy renewal and any time
there is a major change in coverage, term or Insurance Company.
For further information contact your Marsh Client Executive or a member of your Marsh Service Team.