Managing risk exposures spawned by your organization’s contractual agreements is a function most companies struggle with, due to the complexity and monumental nature of the task. However, efficient contract and Certificate of Insurance (COI) compliance management is essential in order to protect businesses that engage in agreements with vendors, suppliers, customers, contractors, subcontractors and other outside parties. We understand the burden that internally managing the process of contract review, auditing, tracking and monitoring COI compliance brings to your operations. Having an expert consultant implement and manage a robust contract and insurance compliance system is the most efficient solution for effective claims control.
Our Vendor Insurance & Compliance Management model is comprised of the deep insurance knowledge and hands-on involvement of our dedicated professionals, integrated with our innovative, proprietary software. We believe firmly that our human-driven approach supported by technology delivers the type of successful results that a software-only model cannot provide.
Here’s how The ALS Group will help protect your organization:
- Draft clear, concise and customized insurance and indemnification provisions for use in all vendor agreements;
- Immediately obtain, review and evaluate copies of all signed contracts to verify that the vendor has agreed to all proposed requirements;
- Contact respective vendors and their brokers for COIs and accompanying endorsements, per the signed contracts;
- Implement and manage an expedient, thorough review and evaluation of COIs;
- Secure and ensure compliance via Q&A with the vendor or broker;
- Conduct certificate tracking and compare with contracts to assure compliance;
- Contact vendors or their brokers for renewal certificates well in advance of expiration, to ensure no lapse in coverage;
- Monitor compliance and conduct follow-up outreach to vendors or their brokers who are non-compliant;
- Recommend a plan of action to address non-compliant vendors;
- Incorporate new vendor(s) engaged; obtain and review contracts and secure proof of compliance;
- Provide a centralized tracking methodology and timely updates that can be shared among all departments and locations.
The ALS Group’s commitment is to protect the health of your organization and provide you with peace of mind, knowing that our industry experts are fully immersed in managing and overseeing your Vendor Insurance & Compliance process. Our approach is to partner with each of our clients, employ our unrivaled technical expertise, and treat their business as if it was our own. We subscribe to a culture of making ourselves available on a 24/7 basis, to address your most urgent needs.