In today’s economy, companies are reducing costs in any expense category possible including reducing insurance coverage amounts. In some cases, financial hardship forces companies to allow lapses in coverage or cancellation of insurance policies. The potential ramifications for organizations can be significant if a supplier or subcontractor does not carry or have adequate insurance. Frequently this problem is only discovered after an incident occurs.
GRMS’ COIShield utilizes proprietary processes to provide an outsourced solution for our clients. Our services relieve companies from the administrative cost and time associated with verifying and the ongoing management of insurance certificates.
Benefits of the COIShield Program:
- Global Solutions
GRMS has the ability to manage evidence of insurance in over 120 countries and in 150 languages.
- Business Criteria Verification
GRMS verifies and monitors compliance with your company's specific insurance requirements including insurance carrier rating, policy limits, additional insured language and collect required endorsements.
- Manage Insurance Requirements By Supplier Type
GRMS can manage different insurance requirements for different types of suppliers and/or different service locations.
- Automatic Notifications
Any changes, lapses, cancellations or expirations in the supplier's insurance coverage automatically generates a notification to ensure your company and the supplier are aware of potential non-compliance with insurance requirements.
- Minimize Uninsured And Underinsured Losses
GRMS monitors the compliance of insurance certificates to ensure suppliers maintain the required insurance coverages. Insurance certificates are stored electronically in each supplier's profile for online viewing 24/7.
- Reduce Management Costs
GRMS' experts collect, store and monitor all certificates using our proprietary systems for an efficient outsourced insurance certificate management solution that results in higher supplier compliance and significant savings to your company.
- Level Playing Field
All suppliers are being held to the same standardized insurance requirements.
GRMS has the international knowledge and experience to deliver global insurance certificate tracking solutions at no cost to your company