You have hundreds of contracts and agreements with vendors, contractors and tenants, but it only takes one uninsured or out of compliance vendor, contractors or tenant to expose your your organization to millions of dollars in damages. Why track insurance certificates? To transfer loss.
Loss is transferred successfully when:
(1) your legal and/or risk management department(s) create and execute contracts containing the terms and conditions necessary to transfer loss, and (2) your vendor’s, contractors or tenants current insurance coverage actually contains the policies and endorsements called for in the contract. Some studies indicate that over 70% of insurance certificates in use are inaccurate, incomplete or expired. This means 70% of the COIs you have on file will not transfer loss when put to the test.
Insurance certificates must be managed and monitored. Protect business and your institution by using our staff to oversee this process. Instead of using valuable staff time to do this work, consider outsourcing these duties at a 1/3 of the cost while meeting your participation goals and objectives.
|We create a risk profile for each vendor, contractor or tenant
We check additional insured status
We review primary language, waiver of subrogation and liability limits
We identify certificate deficiencies.
We notify you if a COI's has expired or out of compliance
We provide monthly reports of COI’s compliance sorted by job number and project name