What is a Certificate of Currency?

You’re about to begin work on a construction project and have taken the necessary steps to protect yourself with insurance cover. How do you prove to someone you have a valid insurance policy in place?
If a customer or employer asks you to confirm you have the right insurance cover, you can show them your Certificate of Currency. A Certificate of Currency (also known as a Certificate of Insurance) provides proof that you are covered by an insurance policy and it lists the details of that policy.

What is typically included in a Certificate of Currency?

A Certificate of Currency contains key information about your insurance cover. For example, a workers compensation certificate of currency will include information such as your business name, ABN, your Workers Compensation Industry Classification (WIC) and the number of workers covered by the policy. It also contains additional details regarding the sum you’re insured for and the expiry date of the insurance policy.

A Certificate of Currency is typically available for insurance policies that cover third parties – such as public liability and workers compensation policies.

Why do I need a Certificate of Currency?

A Certificate of Currency proves to a third party that you have an appropriate level of insurance cover for the work you’re about to undertake.

If you're a subcontractor or contractor performing work for a company, it's likely you’ll be asked to produce a Certificate of Currency to prove you have Public Liability Insurance cover. A head contractor may also want confirmation that your business has taken out Professional Indemnity Insurance.

In certain situations it’s a legal requirement that you obtain a Certificate of Currency. If you’re a licensed builder or tradie and you’re about to undertake a home building project over a certain value, you’ll need to purchase Home Warranty Insurance prior to starting work on that project or asking for a deposit to be paid.

You can prove to the homeowner or developer that you have Home Warranty Insurance cover by showing them your Certificate of Currency. Home Warranty Insurance is compulsory (with some exceptions) for residential buildings over a particular value, with that value varying across the states and territories.

When do I need a Certificate of Currency?

Simply put, you need a Certificate of Currency whenever you’re required to show you have a valid insurance policy in place.

An head contractor may request a Certificate of Currency so they can confirm you have valid Public Liability Insurance cover and, in some cases, you may need to provide a Certificate of Currency to obtain a licence to work as a tradie.

If you’re carrying out work on a project over a certain value, you’re required by law to provide proof to the homeowner or developer that you have Home Warranty Insurance before you commence work. A Certificate of Currency is the easiest way to show you have this cover.

How do I get a Certificate of Currency?

It’s easy to request a Certificate of Currency once you take out a new insurance policy or have an existing policy in place. For certain policies, as long as the policy is valid you can be issued a Certificate of Currency.

Contact HIA Insurance Services (HIAIS) for more information or simply fill out this form to request a Certificate of Currency.

Remember that HIAIS can assist you with what type of insurance policy you need depending on your location and the type of work you do. Check out HIA Insurance Services Ultimate Guide to Insurance in the Construction Industry for more.