How does Ascension provide evidence of insurance?
Ascension uses an on-line Memorandum of Insurance (MOI). Like a certificate, the MOI includes policy/trust numbers, limits, and the insurance companies providing coverage, both self-insured and commercial. In addition, a memo describing the self-insurance program is also available.
What is a self-insurance program?
Ascension's financial size and strength provides the ability to accept responsibility to pay eligible claims arising from the operation of our organizations. Our contract terms provide the option to meet insurance obligations through a program of self-insurance, meaning some level of risk is retained rather than transferred to an insurance company.
Is the Memorandum of Insurance (MOI) the same as a Certificate of Insurance (COI)?
Both documents are nearly identical in appearance and serve the same purpose: to provide evidence of insurance coverage. The MOI is different in that it is not signed or customized to meet the requirements of any particular requesting entity. MOIs can be accessed 24/7, avoiding the delay of individual COI processing.
Do I need a customized MOI?
No. The MOI is universal and designed to apply to all contracts without the need for personalized information. A customized MOI or certificate or will not strengthen the coverage; the existence of the signed contract triggers protection under our insurance and self-insurance programs. See FAQ on cancellation.
Do I need to request a MOI?
No. Both the supplement and MOI are available as printable PDF documents from this site.
Is there a notice of cancellation provision on the MOI?
No. Whereas, standard COIs had traditionally contained a provision to notify the Certificate Holder of cancellation, new practices adopted by the insurance industry no longer provide notice of cancellation by the insurer to parties other than the insured. Therefore, neither the MOI nor COI will confer any rights of cancellation notice to the Certificate Holder.
How often is the MOI updated?
The MOI is updated at policy renewal or any time there is a significant change in coverage, terms, or insurance carriers.
What insurance carriers does Ascension Health Alliance use, and are they financially stable?
Our insurance carriers are listed on the MOI, and we only partner with those rated with an "A" (Excellent) or better A.M. Best rating when self-insurance is not applicable. The financial ratings of insurance companies are available through the A.M. Best Company at www.ambest.com.
How do I know if I'm an Additional Insured?
Ascension, in conjunction with our insurance carriers, provides parties with Additional Insured status where required by a signed contract, lease, and/or agreement. This is accomplished through a policy provision, which provides for Additional Insured status to any person or group who has been so named in a signed contract, lease, and/or agreement.
Does this insurance apply to every state?
In most instances the answer is yes, with a few exceptions. For states or facilities where exceptions apply, specific MOI’s have been issued for those exceptions.
