How to Manage Your Commercial Construction COIs

Time is money for commercial construction contractors. If your crews aren’t on the job site raising walls and finishing off projects, you’re not succeeding as a business. That goes for the back office as well: A commercial construction contractor relies on straightforward, accurate processes to protect the organization. Unfortunately, one of the most important processes can turn into a time sinkhole: managing certificates of insurance. For many construction companies, managing COIs is a complicated venture. “Construction is one of the more challenging industries to manage compliance on incoming certificates of insurance,” says Lee Roth, Vice President of Ebix RCS. Making COI management an important priority and not an afterthought can help. Here’s how to put together a system that works. Dedicate a Manager One of the biggest challenges that arises when managing certificates of insurance is deciding which functional area within the general contractor’s organization is best suited for ownership …

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The Importance of Certificate Tracking

Certificate tracking can seem like a complicated and tedious process, but it’s important to work out a reliable system for all of your vendors and partners to help protect your organization from excessive risk.   “You need to have their certificates on file because you want to be sure that they are carrying the required coverage, and if you need to file a claim with their carrier [that] you have the information that you need,” says Dana Gold of Dana G. Gold Risk Management and Insurance Consulting Services. Here’s why reliable certificate tracking is so important. It Improves Transparency Vendor relationships work best with a healthy sense of trust and transparency, and that extends to insurance coverage. If your vendor, supplier or other business client isn’t able to provide certificates for the coverage they’re expected to carry, follow up and find out why. This could be a sign that they …

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