Optimize COI Workflows Stay Organized and Proactive
Effective COI tracking for commercial properties requires structured workflows. Learn how to better organize documentation and identify potential gaps in coverage.
How can teams improve COI tracking efficiency?
Teams improve efficiency by centralizing documentation, standardizing review criteria, and utilizing software to track expirations and identify missing coverage against policy requirements.
Workflow Strategy
Moving Beyond Spreadsheets
Spreadsheets are often prone to human error and lack the visibility required for modern commercial real estate portfolios. A robust workflow focuses on intake, validation, and storage. When documentation is digitized and indexed, it becomes easier for managers to verify that certificates match the necessary coverage limits without digging through physical files or siloed email folders.
Implementation
Building a Reliable COI Process
- 1
Define Requirements
Establish clear, site-specific insurance requirements for every vendor or contractor type.
- 2
Collect and Centralize
Create a single repository for all incoming COIs to ensure nothing is lost in email.
- 3
Compare Against Requirements
Systematically review incoming documents against your established minimums to identify potential gaps.
- 4
Maintain Audit History
Keep a clear log of all communications, requests for corrections, and historical certificates.
Terminology
Key Components of COI Review
Certificate Holder
The entity, usually the property owner or manager, receiving proof of insurance.
Additional Insured
A status that extends liability coverage to a third party as required by contract.
Coverage Limit
The maximum amount an insurance policy will pay for a covered loss.
Certificates vs. Policies
Remember that a Certificate of Insurance (COI) is merely a snapshot of coverage at a specific point in time. It is not the insurance policy itself. Always refer to the underlying policy, including all applicable endorsements, for definitive information regarding coverage, exclusions, and limitations. Consult your legal counsel or insurance advisor for guidance on specific contractual requirements.