COI Compliance is a necessary evil for most businesses today. But it can be tricky and tedious. Here’s a Handy Checklist of things to ensure are built into your process when you work on managing your stakeholders' Certificates of Insurance COIs.
1. Ensure that your COI Coverage listed matches your contract requirements
Make sure the coverage limits in the COI are aligned with the requirements in the contracts with your tenants and vendors. Check:
- Types of insurance and liability coverages review.
- Rates and limits review.
- Check they meet your company’s minimum requirements.
2. Check the “Additional Insured” section and make sure that your company is listed
Including your company in the “additional insured” section will save you time and paperwork should a mishap happen. Ensure that your management process has a request that goes to you vendors ensuring they list your company to appear in the stakeholder’s general liability policies. To remain protected from negligence acts and accidents that may arise. Check:
- Review that your company is accurately listed as an “additional insured” section.
- Check exclusions for any changes that could affect the coverage limits in the policy.
3. Check the coverage periods and create ‘reminder’ notifications
Insurance periods vary according to lease terms, contract periods and other variables. Particularly when you have multiple tenants or vendors working on a property or site, that’s a lot of dates to manage. It's important you put a system in place to keep track. Do:
- Put in place a system that is easy to reference and manage by multiple employees so that you do not have a single point of failure in your business.
- Put in place your own validation checks and reminders so you do not rely on the vendor alone.
- Consider utilizing COI tracking solutions, like AlphaCOI, with secure, automated systems and reminder notifications that significantly streamline the process and help you stay on top of your lapse periods.
4. Keep an electronic or paper record of the COI’s or ACORD form for your records
Collecting and verifying COI’s for vendors and tenants can be a tedious but necessary process. It’s important should you even need to reference your coverage or in the case of audit or mishap and having a way to easily retrieve the certificates can help when you need to:
- You may need to send copies of the COI’s to your insurance Company.
- File a Claim quickly for a vendor or subcontractor accident or negligence.
- A tenant has an incident on your premises and you need to prove that you are mentioned on their certificate as “additional insured.”
- Consider an electronic storage process for uploading the pdfs and critical coverage details to an automated system that can help you track, sort and filter your COIs and retrieve them as you need them.
Consider Automating the Process
Collecting and verifying COI certificates and managing validity periods can be an ongoing and tedious administrative process. But, it's essential. Instead of allocating your staff resources, office manager or leaving the process to your risk manager at the end of the year, you can save time with automated Online SAAStools such as AlphaCOI’s Certificate of Insurance Tracking System at surprisingly cost-effective subscription rates for the headaches they alleviate. Choosing to use a platform to manage certificates not only saves the time and potential for error in the process but makes the process of staying up to date on your COIs more full-proof. Once your account is set up you can designate property or vendors or subcontractors - depending on your business-type and customize your process which may include specifying your coverage requirements, setting notifications, and vendor reminders. You’ll always have a record and come suit-time, you have all the details you need ready to export and available for verification. All with a simple login.
Why not take Automated Certificate of Insurance Tracking for a spin. The only risk is you’ll save energy and never go back.
Setup a Free AlphaCOI Trial Account Now.
Certificate of Insurance Tracking. Simplified!
About AlphaCOI (www.alphacoi.io): AlphaCOI is a convenient - easy-to-use, low-cost, SaaS Compliance Certificate Platform for managing and tracking requisite certificates of insurance(COI) across industries. The platform enables ACORD-type form uploads and provides the crucial notifications needed to ensure that they stay up to date and subscribers remain free from audit risk. The platform was developed by Avid Compliance, a Leesburg Virginia- based compliance management company aimed at eliminating the administrative burden of managing compliance and risk for its subscribers. The company does not sell insurance or ancillary products. The platform’s compliance and risk avoidance tools is all that we sell. The platform was created by contractors for contractors. The platform has modules for contractors, property managers and insurance salespersons and brokers. Click here for more information.