Challenges of Managing Certificates of Insurance for Homebuilders

Homebuilders are in the business of trust, relying on their good name to grow their business as they build new homes for families. But while they’re focused on the specifics of developing a neighborhood, the administrative challenges can sometimes derail operations. In particular, managing and tracking certificates of insurance can be a big issue. Subcontractors come and go, and when people are focused on delivering results on deadline, administrative tasks can fall through the cracks, putting companies at risk when they least expect it. “Certificates of insurance, on a large scale, impact the environment for commerce to occur,” says Lee Roth, vice president of Ebix BPO. “People need to know there’s protection should there be a need for it down the road.” Here are some of the issues that can arise when homebuilders manage COIs. Gaps in Coverage In other industries, when companies collect certificates and separate endorsements, the additional …

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