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A Letter of Good Standing is an official letter that proves you are COID registered and up-to-date with your payments to the Compensation Fund.
For more info on COID Letter of Good Standing, view some of the main questions most business owners ask below.
The reason why Tenders and Contracts so often require you to have a Letter of Good Standing is simply to make sure you’re taking full responsibility of your employees and to make sure you’re authorized to operate legally.
If you’re not COID registered or you’re not in good standing with the Compensation Fund, your employees aren’t covered by the Compensation Fund in the case of any work-related accidents in terms of medical expenses or compensation in the case of permanent injury or death.
No, a business must be registered with the Compensation Fund before a letter of good standing can be obtained.
A person or organization in good standing is regarded as having complied with all their explicit obligations.
Here are the prerequisites, as an employer or business owner, to getting a COIDA Letter of Good Standing – and the correlating legislation:
We can assist with a Letter of Good Standing, COID Registration and your Submissions and Payments to COID – contact us toll free on 0800 007 269.