Insurance Certificates

RFCUNY requires all individuals and companies with whom it enters into contractual agreements to provide an insurance certificate. Insurance certificates serve to verify that an individual/ company has purchased the insurance coverage required in the agreement. The document indicates:

  • Insurance policy names, numbers, coverage limits, and National Association of Insurance Commissioners numbers;
  • Certificate holder’s name and address;
  • Insured’s name and address, and;
  • Special agreements between the parties such as additional insured status and waiver of subrogation.

A certificate of insurance is not a replacement for the actual policy. It offers only a brief description of the coverages and does not specifically indicate limitations that may be present in the policy text itself.   The certificate serves as a snapshot of coverages and limits that exist on the date the certificate is issued. A well written insurance certificate offers the parties some protection during a liability claim by clearly indicating in advance what the policy and the parties promise. RFCUNY may, at times, request a copy of the policy to ensure it is adequate to RFCUNY’s purposes.

Standard Accord Insurance Certificates Required by RFCUNY

RFCUNY as Certificate Holder
All insurance policies must name the Research Foundation, CUNY as the certificate holder:

Research Foundation of The City University of New York
230 West 41st Street, 7th Floor
New York, NY 10036-7207

Description of Operations Field: Additional Insured Status and Waiver of Subrogation
Every accord certificate must list RFCUNY as an “Additional Insured” and require a “Waiver of Subrogation in favor of RFCUNY.  The following text must appear in the Description of Operations field:

"The Research Foundation of CUNY and its employees are additional insureds per written agreement. Waver of subrogation applies in favor of the certificate holder." 

Broker’s Certification

Each accord certificate must be accompanied by a signed and notarized broker’s certification, which attests to the coverages summarized on the certificate itself, as they currently exist on the certificate issue date.  

Special Limits Requirements for Bus Transportation Companies

RFCUNY requires all Bus Transportation/ Tour Bus companies to prove liability limits of at least $3M per occurrence and aggregate for both commercial general liability and auto liability insurance. If the insured has umbrella liability coverage that can raise these limits to the required $3M level, RFCUNY will deem this acceptable.

Certificates Required for RFCUNY Construction Projects and Agreements

Insurance documentation is required in advance of preparing any construction or construction-related contract (architect, engineer, etc.) due to the nature and complexity of construction work. No work is to commence on any RFCUNY project without the proper insurance certification on hand. A subcontractor or sub-subcontractor hired by the general contractor must maintain liability insurance.

In the event an insurance policy is required by a construction contract written on a "claims made" basis, (instead of on an "occurrence" basis), coverage must extend for two (2) years past completion and acceptance of the work or services as evidenced by the annual Certificate of Insurance. Each insurance policy must contain a clause requiring the insurer to provide RFCUNY with at least 30 days prior written notice of any alteration in the terms of policy or the cancellation.

A contractor, architect, and engineer must provide at least the following certificates:

  • Liability (Accord 25)
  • Workers Compensation (C-105.2)
  • Builders’ Risk certificate (Accord 27) where applicable.

Professional Liability and Automobile Liability are usually listed on the Accord 25 certificate.

Description of Operations/Location: Additional Insured Status

All insurance policies must name the following as separate "Additional Insured:"

"The Research Foundation of CUNY, The City University of New York, and The Dormitory Authority of the State of New York (DASNY), if the building where the construction to be done is owned by DASNY."

In addition to the requirements for certificate holder and additional insured, the certificate of liability insurance must provide a brief description of the work to be performed under the contract as some insurance company policies issue classification-specific endorsements.

The policy must be obtained from an insurer licensed to do business in the state of New York and the insurer must have a Best's rating of no less than B+.