6 min read · Updated . Reviewed by James Rock (National Partnerships Director).
On this page 13
- What is a certificate of currency?
- Why does your lender need one before finance settles?
- What does a certificate of currency show, and what doesn’t it?
- What does a certificate of currency usually include?
- What does a certificate of currency look like?
- Is a certificate of currency the same as a certificate of insurance?
- Who issues a certificate of currency, and when?
- How fast can you get one for financed equipment?
- What should you check before you send it to your lender?
- When else will you be asked for a certificate of currency?
- What if the certificate and the policy don’t match?
- What does “interested party” mean on a policy?
- Need a certificate of currency for financed equipment?
What is a certificate of currency?
A certificate of currency is a document that confirms a particular insurance policy is in force. It can be issued at any time during the policy period, and it’s evidence that cover was in place on the date the certificate was issued.
Think of it as a summary for a third party. Your lender, a head contractor or a hire customer doesn’t need to read your whole policy. They need to know that cover exists, who it’s for, and that it’s current.
Why does your lender need one before finance settles?
When you finance equipment, the lender will require a certificate of currency before settlement. The machine is their security for the loan. If it’s destroyed or damaged, the insurance is what protects their funding, so no insurance means no settlement.
That’s the experience of our reviewers across years of asset finance, and it’s why a slow certificate can hold up a deal. A dealer is waiting to release the machine, the lender is waiting on the certificate, and the certificate is waiting on an insurer’s renewal cycle or a broker’s inbox.
What does a certificate of currency show, and what doesn’t it?
| It confirms | It doesn’t show |
|---|---|
| That a named policy is in force | The full terms, conditions and exclusions of the cover |
| Evidence of cover on the date it was issued | That cover will still be in force on a later date |
| Who issued it: the insurer or the broker or agency that arranged the policy | That the cover is right for your equipment or your contract |
The certificate isn’t part of the policy. If the certificate and the policy ever differ, the policy usually prevails. That’s why the policy wording, not the certificate, is the document to read before you buy.
What does a certificate of currency usually include?
| Section | What it shows |
|---|---|
| Your details | The insured party: the name and address of the business insured |
| Policy details | The policy number, policy type, and start and end dates |
| Sum insured | The maximum amount the policy covers |
| Premium paid | The premium, the date it was paid and how |
An invoice, a policy schedule or a letter of eligibility isn’t a certificate of currency. Tasmania’s licensing regulator, for example, won’t accept any of them in its place, and sending the wrong document can delay an application. Lenders work the same way: send the certificate itself.
What does a certificate of currency look like?
Layouts differ between insurers, but a certificate for financed equipment usually carries these details. The notes in green are what to check before you send it to your lender.
- Insured
- Your business name, ABN and addressthe name and ABN match your finance documents
- Policy
- Policy number and typeit’s the equipment policy, not another policy you hold
- Period of insurance
- Start and end datesit covers the settlement date and the term your lender needs
- Insured item
- Make, model and serial numberthe machine matches the one being financed
- Sum insured
- The insured valueit suits the machine and what your lender asks for
- Interested party
- Your lenderthe lender is named if your finance requires it
- Premium
- The premium, and when and how it was paidit shows as paid, or on instalments
- Issued
- Date of issue, and who issued itit’s recent: it confirms cover on that date only
This certificate confirms the policy is in force on the date of issue. It doesn’t set out the policy’s full terms, conditions and exclusions.
Is a certificate of currency the same as a certificate of insurance?
You’ll see both names, and they usually mean the same kind of document: a summary from the insurer or the agency that arranged the policy, confirming the cover is in force. What matters isn’t the name at the top. It’s that the document confirms a current policy, names the right business and machine, and was issued recently. A policy schedule, an invoice or a renewal notice isn’t a substitute.
Who issues a certificate of currency, and when?
It can be issued by the insurer or, more usually, by the broker or agency that arranged the policy. It can be issued at any time during the policy period, so if a lender or contractor asks for an up-to-date one mid-term, you can request it again.
For a policy you already have, ask whoever arranged it: the insurer, or the broker or agency named on your policy documents. For a policy taken out through EquipCover, our specialist insurance partner issues it, and you can ask them for a fresh one at any point in the term.
How fast can you get one for financed equipment?
| Step | What happens | How long |
|---|---|---|
| 1 | Get an insurance indication with your ABN and five details | About 90 seconds |
| 2 | Our specialist insurance partner emails you an e-brochure for your consideration | Same day |
| 3 | Accept the policy online, paperless | A few minutes |
| 4 | Your certificate of currency is issued | Usually about 5 minutes after you accept |
What should you check before you send it to your lender?
- The insured name matches the name on your finance documents, including the ABN.
- The equipment is described correctly, with its make, model and serial number where the lender asks for them.
- The insured value is right for the machine.
- The policy period covers the settlement date and the finance term the lender needs.
- Any specific wording the lender asks for is on the certificate. Check your finance documents.
When else will you be asked for a certificate of currency?
- Head contractors and clients often ask for one before you bring a machine onto their site.
- Hire customers may ask for one if you hire equipment out.
- A new lender will ask for one if you refinance the equipment.
What if the certificate and the policy don’t match?
Ask for it to be corrected before you send it anywhere. A certificate with the wrong name, machine or dates can delay settlement, and the policy usually prevails over the certificate anyway, so the error doesn’t help you.
What does “interested party” mean on a policy?
An interested party is someone other than the insured with a financial stake in the machine, usually the lender or lessor. Lenders commonly ask to be noted on the policy so the insurer knows about their interest. When you apply, give our partner the lender’s name and it can appear on the policy documents and the certificate of currency.
Need a certificate of currency for financed equipment?
Get your insurance indication in about 90 seconds.
Frequently asked questions
What is a certificate of currency?
A document that confirms an insurance policy is in force on the date it’s issued. It doesn’t set out the full terms, conditions and exclusions of the cover.
Do lenders need a certificate of currency for equipment finance?
Yes. The lender will require one before settlement, because the equipment is their security.
How quickly can I get one?
Through EquipCover, usually about five minutes after you accept the policy online.
Who issues a certificate of currency?
The insurer or, more usually, the broker or agency that arranged the policy.
Is a certificate of currency the same as the policy?
No. It isn’t part of the policy. If they differ, the policy usually prevails.
Is a certificate of currency the same as a certificate of insurance?
The two names are usually used for the same kind of document: a summary confirming a policy is in force on the date it’s issued. Check that it names the right business and machine and is recent.
How do I get a certificate of currency for a policy I already have?
Ask whoever arranged the policy: the insurer, or the broker or agency named on your policy documents. It can be issued at any time during the policy period.
Sources
- Department of Defence: Guidance note, insurance certificates of currency
- Consumer Affairs Tasmania: What is a Certificate of Currency? (updated 14 June 2022)
- Product information and approved item list from our specialist insurance partner (August 2026)
General information only, not personal advice. Read the policy wording before you buy.
