COISoftware collects a certificate of insurance from every vendor, fintech partner, technology provider and contractor your institution relies on, reads each ACORD 25 with AI, checks coverage and limits against your third-party risk requirements, and confirms cyber liability, professional liability and additional insured wording are actually in place. Built for US banks, credit unions, lenders and financial firms whose vendor-risk and procurement teams have to evidence insurance for examiners and the board. Upload a COI above to see it read in seconds.
Last updated June 2026
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The third parties a financial institution relies on carry very different risks, so most institutions require different coverage by type and tier. These are common starting points, not legal or insurance advice.
| Vendor type | Coverage commonly required | Why the institution requires it |
|---|---|---|
| Core processors and fintech partners | Cyber liability, technology E&O, high general liability, crime bond | Critical vendors process customer data and funds, so a breach or error must respond under their coverage |
| Data and technology vendors | Cyber liability, technology errors and omissions, general liability | Any vendor storing or transmitting customer data carries breach and privacy exposure |
| Cash, ATM and armored services | General liability, crime and fidelity bond, auto liability | Handling cash and funds creates theft, loss and transit risk the vendor should cover |
| Appraisers and professional advisers | Professional liability (E&O), general liability | Valuation, legal and advisory errors create financial loss covered by professional liability |
| Collections and servicing firms | Professional liability, cyber liability, general liability | Consumer-facing handling of accounts and data carries compliance and privacy exposure |
| Branch and facility contractors | General liability, workers compensation, auto, umbrella | Construction and maintenance on bank premises carries injury and property risk |
Set requirements to your vendor management policy, contract terms, regulatory guidance and state law. Limits and coverages shown are common starting points, not legal or insurance advice.
A financial institution depends on outside parties for nearly everything that touches member and customer data: core processors, fintech and technology vendors, ATM and cash-handling services, collections firms, appraisers, branch contractors and professional advisers. Each one carries risk to your institution, and regulators expect insurance to be part of how you manage that risk. The certificates usually sit in a vendor file collected once at onboarding and never checked again, which is exactly the gap an examiner looks for.
Federal guidance on third-party relationships expects your institution to assess and monitor a vendor financial condition and insurance, especially for critical providers. When an examiner asks you to evidence that a core processor or fintech partner carries the coverage your contract requires, a stale PDF in a folder is not a satisfactory answer.
A vendor that stores, transmits or processes customer data should carry cyber liability and technology errors and omissions coverage at meaningful limits, not just general liability. Confirming those specific coverages and limits are present, current and high enough is a different check than the one most COI processes were built to do.
A certificate is a snapshot from its issue date. A policy on a critical vendor can be cancelled or non-renewed mid-term, and your institution carries the exposure until the next annual review catches it. Risk teams need expiration and gap alerts as coverage changes, not an annual scramble.
Bank contracts often require seven and eight figure limits across primary and excess layers, plus a crime or fidelity bond for vendors handling funds. Reading whether the certificate actually adds up to the required limit, and whether your institution is named additional insured with waiver of subrogation, is detailed work that does not scale by hand.
Between core banking, lending, payments, wealth and operations, even a community institution manages hundreds of third parties. A spreadsheet maintained by one analyst cannot keep pace with onboarding, renewals and tiering, and coverage gaps hide in the long tail of smaller vendors nobody is watching.
Internal audit, your insurer and the board all want evidence that vendor insurance is verified and current, organized by risk tier. When that proof lives in email and a shared drive, producing it on demand is slow and the records rarely hold up to scrutiny.
The certificate a vendor sends is proof of coverage on the day it was issued, not on the day a breach, error or loss occurs. Confirming that every third party bought the limits your contract requires, carried cyber and professional liability where it matters, named your institution as additional insured with waiver of subrogation, and kept the policy current is repetitive, rules-based work that a lean risk or procurement team cannot do well at scale. Certificate of insurance management software reads every certificate, checks it against your requirements by vendor tier, and flags anything short, expired or missing, so evidencing vendor insurance for an exam never depends on one analyst remembering to look.
COISoftware reads every vendor, fintech and contractor certificate, checks it against the requirements you set by risk tier, confirms cyber, professional liability and additional insured wording, and gives your risk and procurement teams one defensible view of who is actually covered across the vendor portfolio.
Upload a certificate from a core processor, fintech partner, technology vendor, appraiser or branch contractor and the AI pulls the insurer, policy numbers, coverage types, limits, effective and expiration dates, and additional insured wording, even from scans and emailed PDFs.
For any vendor that touches customer data or provides a professional service, COISoftware checks that cyber liability and technology errors and omissions coverage are present at the limits your contract requires, not assumed, so the coverages that matter most to a bank are verified.
Read primary and excess layers together and check the combined limit against the high requirements bank contracts carry, including whether a crime or fidelity bond is present for vendors that handle funds.
See whether your institution is named as additional insured and whether the policy carries waiver of subrogation and primary and noncontributory wording, so a third-party claim responds under the vendor coverage first.
Set different coverage rules for critical, high and standard vendors so a core processor is held to a stricter standard than a landscaping contractor, supporting the tiered approach examiners expect in third-party risk management.
When a vendor certificate is about to expire, COISoftware chases for a renewed COI automatically and flags gaps as they appear, so coverage on a critical vendor stays current between annual reviews instead of lapsing unnoticed.
COISoftware reads the ACORD 25 and the broader certificate of liability insurance, then ties every vendor certificate into full certificate of insurance management software and ongoing vendor insurance compliance tracking. When a certificate looks off, the same checks behind certificate of insurance verification flag it for review. Branch and facility contractors are tracked the same way as subcontractor COI tracking for contractors.
Tracking insurance across hundreds of vendors follows the same four steps as tracking a handful of certificates.
Enter the coverages and limits you require and vary them by tier, so a critical core or fintech vendor, a data-handling technology provider and a routine facility contractor each get the right rule. Include cyber, professional liability, additional insured and waiver of subrogation wording where required.
Tip: Align requirements to your vendor management policy, contract terms and regulatory guidance, and hold critical and data-handling vendors to higher limits and cyber coverage.
Request a COI from each vendor and fintech partner, or upload the certificates they send. The AI reads every one automatically, so onboarding and re-tiering vendors does not turn into hours of manual data entry.
Each certificate is checked against the requirement for that vendor tier. Short limits, missing cyber or professional liability, expired policies and missing additional insured are flagged at onboarding and at every renewal.
Automated reminders chase any expiring certificate, and a clear status by tier gives risk, audit and the board defensible evidence that vendor insurance is current without an annual scramble.
Anyone responsible for proving that every vendor, fintech partner and contractor your institution relies on carries the coverage your contracts and regulators require.
A vendor-risk analyst or procurement officer at a bank or credit union is accountable for hundreds of third parties that different lines of business onboard independently, from core processors to branch contractors. COISoftware turns each requirement into a live status by tier, so the person responsible sees a clear pass or flag instead of chasing certificates across business units before an exam.
A lender, fintech or payments company carries the same third-party and fourth-party exposure, plus heightened cyber and data scrutiny. The same dashboard tracks every technology and service vendor, and facility contractors are verified the same way as subcontractor COI tracking for contractors.
A wealth manager, advisory firm or finance department still has to prove every vendor and professional partner carries current coverage, including professional liability and cyber. To collect, verify and monitor every certificate in one place, pair this with vendor insurance compliance software, and if you are comparing platforms, our best COI tracking software roundup walks through the options honestly.
Banks track certificates of insurance so that a loss, breach or error caused by a vendor responds under that vendor coverage first, not the institution. Regulatory guidance on third-party relationships expects banks to assess and monitor vendor insurance as part of risk management, so verifying a current COI for every vendor protects the institution financially and supports what examiners require.
A bank should require technology and fintech vendors to carry cyber liability and technology errors and omissions coverage at limits that match the data and funds at stake, alongside general liability. Critical vendors that process customer information or money often need higher limits and a crime or fidelity bond. The right limits depend on the vendor risk tier and contract, and each certificate should be verified.
COI tracking supports third-party risk management by giving the institution verified, current evidence that each vendor carries the coverage its contract and risk tier require. It checks limits, confirms cyber and professional liability, flags expirations and gaps, and organizes the records by tier, which is the documented, monitored insurance control examiners and internal audit expect to see.
Additional insured means your institution is added to the vendor policy and can be defended and covered under it if a claim arises from the vendor work. Being listed only as certificate holder gives you notice but no coverage. Many bank contracts require the institution to be named additional insured with waiver of subrogation and primary and noncontributory wording, which the certificate should show.
Banks monitor vendor insurance by tracking each certificate expiration date and watching for mid-term cancellation or non-renewal, rather than checking only at the annual vendor review. Software automates this with renewal reminders and gap alerts, so coverage on a critical vendor that lapses or is cancelled is caught quickly instead of surfacing at the next review or after a loss.
Pricing depends on how many vendors you track and whether you want self-serve software or a managed service. COISoftware lists transparent monthly pricing and offers a free tier, so a community bank or credit union and a larger institution alike can start reading and verifying certificates without a sales call. You can test it on your own vendor certificates before paying anything.
