How often does your company hire outside vendors to do any of the myriad services it needs—such as repair an air conditioning system or paint a structure?
Imagine the following scenarios:
- A company hires a welder to repair the air conditioning system on a building it’s leasing. The welder accidentally catches the roof on fire and smoke damages the products inside.
- A company hires a painter to paint a building. He falls off the platform.
In the above real-world examples, the vendors had inadequate or no insurance coverage. Guess who paid for the damages?
There is a way to reduce risk: The Certificate of Insurance Management System© (CIMS). In short, Certificates of Insurance (COIs) assure a company that they’re not taking on any additional risk by working with any tenant, subcontractor, or third-party vendor.
However, tracking certificates can be a complex and time-consuming process. Does the vendor you’re using tomorrow have adequate coverage for the job he's been contracted to do? Did the tenant who wants to renew his lease with you renew his insurance policy? Do you know when all your subcontractors’ insurance companies’ ratings change?
That’s where our COI Management System© comes into play. Our COI Management System:
- manages, organizes, and maintains a database of all COIs
- shows limits and lines of coverage
- tracks renewal dates
- sends notifications of renewals and cancellations
- sends letters to vendors regarding upcoming renewal dates, requests for additional named insured, and responses from vendors
- monitors insurance companies’ ratings
- generates full reports on a monthly basis that clearly show all relevant dates, coverages, and changes for each vendor, subcontractor, and tenant
Plus, our reports are easy to read, displaying COI summaries by vendor type, coverage type, and other criteria. We can even structure them based on your preferred categories.
With our COI Management System© in place, you’ll:
- protect profits from claims and legal actions
- save the time of tracking multiple COIs
- get regular assurance and peace of mind knowing that your risk exposure has been minimized
Call us today at (972) 931-8307 to discuss the protection and peace of mind our COI solution can provide.
