The Certificate of Currency (CoC) is a document provided by an insurer that verifies your property is insured. This document contains the summary of your insurance policy. In today’s blog post, you will learn everything you need to know about CoC.

Certificate of Currency Coverage: What to See in your CoC

A CoC usually includes the following details:

Insured Party Details

This includes basic details like the name and residential address of the insured party.

Policy Details

This includes the policy number, type of coverage and policy expiration date.

Interested Party

This bank or lender’s name is usually listed as the interested party.

Sum Insured

This specifies the maximum amount of the policy cover.

Premium Paid

This specifies the amount you pay for your insurance policy, including the mode and date of payment.

When and Why do You Need to Provide a Certificate of Currency?

what is Certificate of Currency

You will need to provide a Certificate of Currency when you file for a loan. Keep in mind that most banks, lenders and financial companies in Australia are strict when it comes to such requirements. Even if you qualify, they may not process your loan without a cOc.

As mentioned, lenders usually get listed as the interested party in your CoC. This is to protect them from unexpected damage or property loss.

For instance, you may NOT NEED to provide a Certificate of Currency when:

  • You’re buying vacant land without a house or building to insure.
  • Your builder’s insurance policy covers any damage or losses until the construction is complete. The bank will request a copy of the builder’s insurance policy before they release the initial payment to the builder.
  • Your property is a strata title. This is more common in units and townhouses. Most likely, strata corporations will take care of the insurance policy for you, so the lender won’t require you a proof of insurance.

Importance of Certificate of Currency

For the insured, having a copy of the CoC is important because it serves as a proof of coverage. This certificate also indicates that the insured has the financial resources that can cover any potential damage or loss.

It is also important for business owners to require all contractors or third-party to provide a CoC before working on a project. Having a CoC protects business owners from any damage or loss associated with the work of their subcontractors or vendors.

Here’s how a CoC can help you:

  • A CoC prevents businesses from taking any unnecessary risks if a contractor or third party is responsible for a loss or damage and not properly insured.
  • A CoC provides protection in case the contractor suffers injuries while working within your premises.
  • A CoC ensures you get compensated if contracted work is incomplete or not properly done.

Requesting a Certificate of Currency

The process depends on your insurance provider. Most insurance companies in Australia have an online portal, where you can download a copy of your CoC. Some may send you a copy upon request. Either way, be sure to contact your insurance provider to find out the steps you need to make.

Additional Reminders:

  • Check the coverage period of your insurance before requesting or getting a CoC. Be sure your insurance is still valid, otherwise, you will need to get a new policy.
  • Make sure your policy starts before the settlement date.

The Bottom Line

Most banks and lenders in Australia are strict when it comes to requirements. Even if you qualify to apply for a home or a car loan, they will require you to provide proof of insurance. Fortunately, obtaining a Certificate of Currency or Certificate of Insurance is fast and easy. Contact your insurance provider to know more about their process for getting a CoC.


  1. Is Certificate of Currency and Certificate of Insurance the Same?

        – Yes. A certificate of Currency (CoC) is also known as Certificate of Insurance (COI). Both documents verify that your property is correctly insured and valid.

  1. How Long Does it Take to Get a Certificate of Currency?

       – It usually takes up to 3 business days upon your request, granted that your insurance policy is valid or up-to-date.

  1. How Much Does a Certificate of Currency Cost?

       – Most insurance providers in Australia provide a CoC for free. However, some companies may charge a nominal fee of around $50. Ask your insurance provider regarding costs and payment methods.

The material offered here is for informational purposes only. It does not constitute legally binding advice and should not be a substitute for a consultation with an insurance expert.

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