Compliance reviews assure contractors and vendors comply with your requirements
Many contracts require your vendors and contractors maintain certain types and amounts of insurance while doing business with your organization. Often these contractual requirements may include or specify
- How evidence of insurance is to be submitted; the financial security of the insurer;
- Whether your organization is to be named an additional insured and/or loss payee;
- Financial or claims-paying ability ratings of the insurer (e.g. A.M. Best ratings);
- Whether coverage is to be on an occurrence or claims-made basis;
- Whether the insurer is admitted to do business in your state;
- and MORE!
When provided with a copy of the contract and evidence of insurance presented by the contractor or vendor, we will evaluate, based on the submitted information, whether evidence of insurance submitted by the vendor/contractor appears to be compliant with your contractual requirements. When necessary and/or requested, we will contact the vendor/contractor’s insurance agent directly, when possible, to help resolve any deficiencies.