What Is a Certificate of Currency?
A certificate of currency is an official document issued by an insurance company that confirms a policy is active, lists coverage limits, and provides the policy's effective dates. For workers' compensation, it verifies that an employer's coverage meets state legal requirements.
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Why Icare Requires It
Icare, a leading provider of workers' compensation coverage, mandates a certificate of currency to ensure continuous compliance. The certificate allows Icare to confirm that the policy has not lapsed, that the coverage limits are adequate, and that all mandatory endorsements are in place.
How to Get the Certificate
1. Log into your Icare account or contact your policy administrator.
2. Navigate to the "Documents" section and select "Workers' Compensation Certificate of Currency."
3. Download or request a printed copy; the PDF will include the insurer's logo, policy number, effective dates, and coverage limits.
If you do not see the document, email Icare support or call the client services line for assistance.
Key Information on the Certificate
The certificate typically contains:
- Policyholder name and address
- Insurer name and contact details
- Policy number and effective dates
- Coverage limits per employee and per claim
- Exclusions or special endorsements
- Signature of the insurer's authorized representative
Common Compliance Issues
Employers often encounter two main problems:
- Outdated certificates – If the certificate shows an expired policy, Icare may suspend coverage until a new one is submitted.
- Insufficient limits – States require minimum coverage levels; certificates that fall below these thresholds trigger compliance alerts.
Keeping the Certificate Current
Set up reminders for policy renewal dates. Icare typically sends an email 30 days before expiration, but it's safer to monitor the certificate yourself. Updating the document promptly prevents coverage gaps and protects both the employer and employees.
What to Do if You're Missing a Certificate
1. Verify your policy status in the Icare portal.
2. If the policy is active, request a new certificate via the portal or support line.
3. If the policy has lapsed, renew immediately and then obtain the updated certificate.
Impact on Claims and Audits
During a workers' compensation claim or an insurance audit, the certificate serves as proof that coverage was in force at the time of injury. Without it, claims can be denied, and insurers may impose penalties.