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09/16/2008 19:50:47
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Subject: Contractor insurance-what is enough
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Greg Martin
Joined: 09/16/2008 18:48:36
Messages: 4
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My firm recently outsourced the confimation of vendors relative to insurance, background checks, and licensing. We did this because the sites we manage just did not have the time to follow up on what they considered to be administrative tasks. As a result we uncovered a few problem areas and I was besieged with a large amount of vendors that our sites wanted them to be exempted from standard policies. As a example small operators could not afford insurance in the amount we were asking and should we not approve a vendor because one of their principals had a felony arrest for DUI ten years ago. The question is to come up with a minimum amount of insurance that is reasonable and will pass muster under the wording in our management contract as well as a personell policy that is reasonable.
This message was edited 1 time. Last update was at 10/14/2008 04:09:00
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09/20/2008 21:46:38
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Subject: Re:contractor insurance-what is enough
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Marjean Pountain
Joined: 09/20/2008 21:29:07
Messages: 18
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This is very interesting, as I have always felt it is practically impossible to be sure one has every vendor insurance certificate and that policy expiration dates are being monitored, etc. with a huge possibility of liability as a result. What type of company do you outsource to? How do you communicate with them as to current vendors being used?
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09/28/2008 17:42:58
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Subject: Re:contractor insurance-what is enough
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Christopher Mellen
Joined: 09/16/2008 11:19:56
Messages: 46
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We have someone in our company who's responsibility it is to monitor the certificate of insurance requirement from not only our contractors but from our commercial tenants as well. It seems to work well. Also, as an additional insured named, the agent has an obligation to notify you if the insurance is cancelled or changed for any reason
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09/29/2008 11:03:10
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Subject: Re:contractor insurance-what is enough
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Eileen Yesko
Joined: 09/29/2008 09:06:46
Messages: 4
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We also have somone on staff who has the responsibility to monitor insurance certificates from vendors. He also signs off to authorize projects - this way if the insurance cert is outdated or does not specify sufficient coverage the work cannot proceed.
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10/08/2008 16:02:55
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Subject: contractor insurance-what is enough
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Jeffrey Laass
Joined: 09/29/2008 08:49:58
Messages: 73
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We tie certificates of insurance to payment for invoices. If the insurance certificate is expired, MRI provides a warning to collect the insurance certificate before providing payment of the invoice. We also have a couple of admin staff that routinely check the database for expiring certificates. The reasoning that the cost of insurance is prohibitive to doing business is a reason to find another contractor.
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06/24/2009 16:15:23
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Subject: Re:Contractor insurance-what is enough
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Meagan Casal
Joined: 05/07/2009 15:39:44
Messages: 3
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In our company we have a person who handles all our insurance certs from contractors/subcontractors. She tracks them and ensures that they are present before any work has begun. Our vendors know that their insurance certs are required and our company is to be named additional insured. It is very helpful to have someone monitor these things. It has worked for us for some years now; we struggled with this for a time as well.
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11/16/2009 10:43:59
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Subject: Re:Contractor insurance-what is enough
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Felecia Washington
Joined: 09/21/2009 14:51:58
Messages: 2
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We also tie certificates of insurance to payment for invoices. If the insurance certificate is expired, Yardi provides a warning to collect the insurance certificate before providing payment of the invoice. Unfortunately we are a small start up company and do not have a lot of systems But I do find that this is a great double check.
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