Humboldt Pacific LLC (HPP) maintains a comprehensive program of Commercial Insurance designed to protect our company interests as required by the terms of our existing signed contracts, leases, and/or agreements. We have created this web page for use by our Vendors, Customers, Landlords, Landlords Agent(s), Landlords Lender(s), Ground Lessor(s), and any other party who may require evidence of HPP' insurance. This web site is applicable only to those who have an underlying contract, lease, and/or agreement where HPP is obligated to furnish such evidence of insurance.
Please note that use of this information is limited to those with whom HPP has a signed contract, lease, and/or agreement. ALL OTHER USE IS STRICTLY PROHIBITED.
About Memorandum of Insurance (MOI)
For your convenience, we have compiled a list of commonly asked questions about the evidence of insurance and how it applies to our signed contracts, leases, and/or agreements.
What is a Memorandum of Insurance (MOI)?
A Memorandum of Insurance (MOI) provides information about a company’s insurance program, including, but not limited to, current insurance policies, policy numbers, effective dates, coverage limits and insurance carrier.
Is an MOI evidence of insurance coverage?
Yes. An MOI is an acceptable method of evidencing current insurance coverage information since it provides substantially all the same or even more information than a certificate of insurance. Neither an MOI nor certificate of insurance convey special rights or privileges by themselves.
How does an MOI differ 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 also does not contain the standard cancellation wording since an MOI is available on-line 24x7 enabling continual verification that 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 MOIs?
1.The ability to view and print evidence of insurance coverage at any time.
2.The reduction of paperwork, phone calls, and faxes involved in obtaining paper certificates.
3.Our ability to more efficiently provide you with additional information about our insurance program, such as policy endorsements granting Additional Insured status and waivers of subrogation where required by written contract terms and conditions.
How do I know if I have Additional Insured status if my company’s name does not appear on the MOI?
Meaningful protection to a third party can only be obtained through an endorsement to the policy. Additional Insured status, where required by written contract, is granted through a blanket endorsement to our General Liability/Professional Liability and Automobile Liability insurance policies. This coverage is triggered when a viable written contract is in place requiring this provision. The terms of the endorsement vary by policy and insurance carrier, with the policy dictating to what extent coverage is extended to you. Review the additional information section of the MOI carefully to confirm coverage extended under the Additional Insured endorsements.
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; eliminating the need for cancellation notices.
What are the financial ratings of the carriers listed on the MOI?
The company endeavors to only bind coverage with insurance companies with excellent ratings. Individual carrier ratings are available through A.M. Best Company at www.ambest.com.
Why has the notice of cancellation been eliminated on the MOI?
The MOI streamlines the outdated, paper-intensive process of issuing COIs and offers you the ability to check the MOI any time to verify that the coverage is still in place. Viewers who access the MOI are not tracked, therefore cannot be notified of a cancellation.
Why are we now using the MOI 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, contractors, and vendors. After careful consideration and review, we felt we could increase the efficiency of our operations by eliminating the significant time and resources required to manually issue thousands of certificates of insurance annually. Just as important, this change allows us to provide you with our current insurance program information in a more timely and robust manner; evidencing our compliance with “agreed to” insurance related written contract terms and conditions.
Can I receive Insurance coverage, even without a signed contract, lease, and/or agreement?
No insurance coverage or obligations to provide coverage arise except, and to the extent, as is expressly contained within an existing signed contract, lease and/or agreement executed by Walgreens and/or one of its subsidiaries.
What happens to the insurance information at renewal?
HPP, in conjunction with our Insurance Broker will update the information in the MOI at the time of policy renewal and any time there is a major change in coverage, coverage terms, or insurance carrier.
Who can I contact if I have questions about the MOI?
Please contact Humboldt Pacific LLC. by calling: 916.550.5006.
