Tracking COI on Assured Certificates

Tracking COI on Assured Certificates

We've made some major changes to Assured Certificates in the past 6 months, so we decided it was time for a new demo video.

In our latest video, I explain how you can track COI on our platform to simplify your insurance compliance process and reduce risk. The video also discusses how the software’s automation helps make certificate tracking easier, as well as how you can search through your certificates for specific words and phrases to find certificates you have uploaded, and to aid in manually reviewing certificates in the event you aren’t using Assured Certificates enterprise services to track your certificates. Topics covered in the video include:

  • Requesting COI from the platform
  • How subcontractors can upload their certs directly using their request link
  • Setting up more advanced insurance requirements
  • How to override automatically assigned compliance statuses
  • Automated follow-up certificate requests
  • Compliance reports
  • Exporting your certificates
  • How to search your certificates and endorsements to find the documents you need

You can download the Playbook referenced in the video here: assuredcertificates.com/resources/sample-playbook

Video Transcript

Hi, my name is Ford Davis, I’m the technical director and co-founder of Assured Certificates.

In this video I’m going to talk about how we track certificates of insurance for our clients on Assured Certificates using a proven process that actually reduces risk.

So for this example we set up a new client account (Sabre International, Inc.) and entered some basic information about them.

Now we’re ready to upload some certificates.

Each time a certificate is uploaded it goes through two steps, the first is an automated analysis. This typically takes about 20 seconds, and will give you some basic information about your certificate.

The second step is a manual review - this part, as well as actually reaching out to businesses you work with to collect certificates is what we do for our enterprise customers, but you can do it yourself too, as we will explain in another video.

If Assured Certificates is doing the review, you will see a full compliance summary for each business relationship within one business day, as well as a blue checkmark next to each certificate in the details panel.

You can also use Assured Certificates to request certs. Requests from the platform include a link for your subs to upload their COI directly to your account, as well as a summary of your requirements.

And just to note: for the sake of this video, I’m referring to the businesses you’re collecting certificates from as subcontractors or subs, but more or less everything here applies whether you are tracking subcontractors, vendors, or tenants.

Right now we’re using our most basic insurance requirements, which would be what you wanted if you were only concerned about protection from audits.

For more in depth use, we’ve configured some other starter insurance requirements that are a good starting point for many types of businesses.

We encourage you to work with your insurance broker, and consult a lawyer to help you create as many custom insurance requirements as you need in order to coincide with your specific contracts and business processes.

Our platform has several statuses for each business relationship. The most common statuses are complaint, partially compliant, no documents, and expired.

There are several other statuses that can be set manually to give you flexibility to override our automated checks when appropriate.

As policies expire, the associated statuses change to expired.

If enabled, automatic certificate renewal requests are sent out to replace expiring certificates.

Subs can upload their new certificate using their request link, or attach their certificate and reply to the request email directly.

We also send detailed reports to summarize your account’s compliance status on a weekly basis.

You can also download compliance reports for a single project, or your entire certificate archive at any time.

At Assured Certificates, we know there is a big difference between tracking certs and tracking them well.

In addition to tabulating the details of ACORD 25 forms, our software reads every page of your COI and indexes it to make endorsement review simple.

This helps our team deliver expert analysis more quickly at a fraction of the price and it makes it easy to retrieve documents later.

In the event of a lawsuit or audit, our triple redundant backups, combined with our certificate search tools ensure you can find the document you need when you need it.

We’ve put together a sample playbook that outlines the services we do for our clients, and you can download it in the link below in the description.

You can adapt this plan to administer your own certificate tracking plan. 

Alternatively you can email us and we’ll be happy to design a certificate tracking plan that works for you.

If you’d like us to do administrative side for you as well, please contact us about our enterprise service plan.

Thanks for watching!