Savage takes seriously our contractual obligations to comply with our customers' insurance requirements.
As a result, we maintain a wide range of insurance programs with comprehensive policy terms and conditions. To simplify and enhance how we evidence insurance information to our customers, we are providing a link from savageservices.com to our Memorandum of Insurance (MOI) which is maintained by our insurance broker, Marsh. This is a customer-service and cost-saving initiative as it provides immediate proof of coverage and could reduce the issuance of thousands of individual certificates of insurance. This MOI is available for viewing and distribution at any time for your convenience. The MOI evidences our compliance with standard insurance-related contract terms and conditions. In many cases, the MOI provides you with even more information than what is on a standard Certificate of Insurance.
- What is a Memorandum of Insurance?
- Is an MOI evidence of insurance coverage?
- How does an MOI vary from a certificate of insurance?
- Can the MOI be printed?
- What are the key benefits of using a Memorandum of Insurance?
- Why is Savage now using the Memorandum of Insurance to provide evidence of insurance?
- Who can I contact if I have questions about the Memorandum of Insurance?
What is a Memorandum of Insurance?
A Memorandum of Insurance (MOI) provides online access to information about a company's insurance program, including: coverages maintained, policy numbers and effective dates, limits, and insurer identification.
Is an MOI evidence of insurance coverage?
Yes. An MOI is an acceptable method to evidence current insurance coverage information because it provides substantially all the same information as a certificate of insurance and perhaps for some certificate holders, even more information.
How does an MOI vary from a certificate of insurance?
An MOI does not show the certificate holder's name and is not signed by the insurance underwriter or broker. An MOI is available online 24 hours / 7 days a week, enabling verification at any time that the contractually required policies of insurance are in effect.
Can the MOI be printed?
Yes. The MOI may be printed and filed, just as you would file a certificate of insurance.
What are the key benefits of using a Memorandum of Insurance?
- Provides immediate proof of insurance and is available to view and print at any time which means no more locked out trucks on a Saturday when the SSC is closed or delayed equipment rentals.
- Reduces the paperwork, phone calls, emails, and faxes involved in obtaining paper certificates directly from Savage.
- We are able to more efficiently provide you with additional information about our insurance program, such as a listing of policy endorsements granting Additional Insured status and granting Waivers of Subrogation where required by contract terms and conditions.
Why is Savage now using the Memorandum of Insurance to provide evidence of insurance?
Today's technology, particularly the Internet, provides us the opportunity to simplify and enhance how we evidence insurance information to our customers. After careful consideration and review, it was apparent that the use of our website and MOIs will increase the efficiency of our operations by eliminating the significant time and resources required to manually issue over 5,000 certificates of insurance a year to you, our valued customers. Just as important, this change will also increase the efficiency of your operations by providing you with more timely and efficient insurance information that evidences our compliance with agreed to insurance-related contract terms and conditions.
Who can I contact if I have questions about the Memorandum of Insurance?
Please contact Savage Risk Management if you have any questions or need assistance.