As a property management company, keeping diligent records of your tenants, vendors, suppliers, and contractors’ Certificates of Insurance (COIs) is a time-consuming and difficult task. It can be tedious to keep track of when certificates need to be obtained, renewed, and communicated to the vendors or tenants, nonetheless, it should be a top priority.
Property managers need to effectively manage and track COIs to ensure tenants, vendors, suppliers, and contractors are in compliance with your insurance requirements. Property managers should go beyond publishing the insurance requirements in leases or contracts and taking the insured's word for compliance. The implementation of a proactive and digital approach to tracking certificates of insurance is necessary to protect against potential underinsured claims, expensive lawsuits, and more.
Check out this article to learn why property managers should establish a streamlined process for tracking conflict of interest (COIs) and maintaining vendor compliance.
Why Property Managers Should Effectively Track Certificates of Insurance
Protecting a property with the appropriate types of insurance is a property manager's job, and failure to do so is a serious risk that should be avoided at all costs. Each property or lease that you manage requires a different type of insurance. Frequently, tenants, vendors, and contractors do not carry the insurance coverage required in your agreements.
Everyone leasing or working on your property needs to submit a Certificate of Insurance (COI), and each of them must be reviewed to guarantee appropriate coverage is in place, that insureds are compliant, and that your facility is protected from risks associated with their procedures.
Accidents and damage happen, and if tenants, suppliers, contractors, or vendors don’t carry the appropriate insurance, it becomes an expensive inconvenience for everyone involved – most importantly for the property owner. Maintaining records of conflict of interest from each party involved also helps reduce your general liability insurance premium.
Property managers must collect and verify COIs from each tenant, supplier, contractor, or vendor before the beginning of work or a contract. Renewal certificates must also be collected and verified on a year-to-year basis, or specific time frames, or by specific jobs.
Insurance policies are often updated, changed, or canceled during the lease or agreement, so having an effective tracking system helps property managers stay on top of all updates, changes, and cancellations to ensure compliance.
How to Streamline & Automate COI Tracking to Guarantee Compliance
Property managers continue to track COIs by hand, which is costly and time-consuming. Luckily, a certificate of insurance tracking software can replace the Excel spreadsheet, paper printout, Outlook reminders, and file cabinets that waste your time and resources.AlphaCOI manages the everyday tasks of tracking COIs and associated stress of the job as well as protecting the company from claims and litigation. Our COI compliance software manages everything from vendor contact information to certification collection to compliance reporting, so your company can ensure full compliance. to see how our software can benefit you!
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.