Monitoring insurance certificates is a time-consuming and technically challenging operation for many organizations. Not only must the companies maintain large volumes of certificate data, but must also ensure their vendors have met each business requirement, prior to performing work. For most companies, vendors are required to fill out and return paperwork, usually contained within a Vendor Enrollment Package. The paperwork, usually including a contract, W-9 form and COI information is then audited for compliance by administrative personnel.
RMIS can automate your entire vendor registration process, including all insurance, vendor agreements and other legal documents. By combining state-of-the-art technology with 14 years of insurance monitoring experience, our programs not only streamline the vendor management process for our clients, but also serve to lower their administrative costs significantly.
RMIS’ Advantage
RMIS customizes and tailor-fits each program around each client’s business requirements. Rather than asking our clients to “fit” their business around a “pre-built” program, our philosophy is to encompass each customer’s present operation into one specific automated system that eliminates in-house administrative support.
We recognize that each of our clients are unique and often mandate different sets of vendor or tenant requirements. RMIS is a licensed insurance company with the knowledge, expertise and a comprehensive web-based platform designed to
handle varying insurance and business requirements seamlessly, through a single, on-line application.
How to Get Started
Our process starts with an analysis of your current vendor enrollment procedures and requirements. Next, we will custom build an interactive website with your corporate look and feel, instituting a new and automated vendor registration site designed to centralize your process and maximize efficiency.
Through a simple, user-friendly application, your vendors will be able to “register” to become approved to perform work for any or all of your properties or locations. The vendor registration website will enable your vendors to:
- Provide their company information (including Tax I.D., type of business, minority ownership, Remittance Address, etc.)
- Electronically agree to your company’s Vendor contracts (“terms and Conditions”) and legal documentation.
- Complete their W-9 Form (On-line system optional).
- Review complete COI instructions, including additionally insured and other mandatory insurance requirements and endorsements.
- Supply necessary data for Background Screening as required by vendor type.
The custom website will enable your vendors to register quickly and conveniently, within minutes! Vendors without internet access have the ability to register by telephone with assistance from RMIS bilingual representatives as needed. RMIS manages the entire process from start to finish!
Reporting Options
Another unique strength of RMIS is our flexibility in providing vendor information to our clients.
Methods include:
- Secure Web Interface - The most common reporting method is through our powerful website that is custom built for each of our clients and their special preferences. Clients can check the status of an individual vendor or view all of their registered vendor insurance information at once, plus print and download current Certificates of Insurance, W-9 forms, and other legal documents.
- API “Real-time” Link – RMIS can interface to your in-house management software, providing you up-to-the-minute updates on your vendors’ insurance coverage and background screening results. Our IT personnel will assist your company with any software adjustments to establish the “real-time” link, as well as provide ongoing support.
- Customized Reporting Options – We can output data in many formats: Excel, PDF, text file, XML, etc. Customizable vendor status reports, such as “approved” or “non-approved”, or background check results may be queried on demand via the website or by scheduled emails or faxes at any interval.
- E-mail or Faxed Notification – Instant notifications can be faxed or e-mailed to report changes to any vendor’s COI insurance information, such as a cancellations or reinstatements.
Certificate Monitoring Process
Request of an Updated COI - Following vendor registration, RMIS will work directly with the insurance producer(s) to obtain an updated certificate requesting that RMIS be listed as the Certificate Holder (c/o Client Name) so that all future certificates will be sent to the RMIS office instead of to your company.
Audit of COI - We rigorously audit new Certificates of Insurance as we receive them to verify that coverage, limits, additionally insured’s and any other endorsements are accurate. If the information meets client requirements, the certificate is captured into our in-house, image database for easy, permission-driven client accessibility.
Correction Process - If the certificate does not meet client requirements, we notify the vendor and contact the insurance producer to make the appropriate revision.
Daily Updates - We update all information received daily as insurance providers notify us of policy changes, such as cancellations, reinstatements, policy numbers and coverage.
Certificate Expirations - Prior to expiration date of each coverage, we proactively contact the vendor’s insurance producer and request an updated certificate for the new policy period. We will follow up with multiple requests, including faxes, e-mails and phone calls until an updated and accurate Certificate of Insurance is received.
Monitored Insurance Categories
- General Liability
- Excess Liability
- Worker’s Compensation
- Auto Liability
Monitored Certificate Information
- Coverage Type
- Effective Date
- Expiration Date
- Insurance Underwriter
- Waiver of Subrogation
- Policy Number
- Additional Insured’s (Endorsement)
- Completed Operations
- Limit of Coverage
- Insurance Producer
- AM Best Reporting
Additional endorsements can be monitored at client's request.
Background Screening
RMIS provides background screening on vendor principals and companies, as well as credit and OFAC information. Background sources include:
- OFAC (Office of Foreign Assets Control – Patriot Act Compliance)
The OFAC SDN ( Specially Designed Nationals) list includes known terrorists, terrorist supporters, international narcotics traffickers and those engaged in activities related to the proliferation of weapons of mass destruction. All employers and businesses in the United States are legally required to comply with the OFAC requirements by screening their employees and business partners against the SDN list. Please refer to www.boma.org for more details.
- National Criminal and Sex Offender Search:
One of the most comprehensive criminal databases available today, it includes over 300 million local, county and state criminal records, plus sex offender registry records and national security data sources (such as OFAC, FBI most wanted, U.S. Immigration and Customs Enforcement (ICE) Most Wanted, etc). Photos will be included where available.
- Credit History / Rating: (D&B) and Experian available
- Bankruptcy, Liens and Judgments Search
- Professional / Business License Verification
Licensing agency or board is contacted to verify the license or certification held by the individual or business, including type of license, license status, expiration date and any negative information on file with the agency.
- Social Security Number Verification:
Identifies the state and year of issue for the Social Security Number provided and includes a search of the Social Security Administration’s Death Master Index to determine if death benefits have been paid for the SSN provided.
*Additional background screening data available at client’s request.
Please call today for information about our products and services!(800) 400-4924.
How We Charge
Clients may elect to pay for our services themselves or to have RMIS collect from their vendors. At the time of registration, your vendors are charged a registration fee, which they will be required to renew every 12 months to cover the cost of submitting updated insurance certificates, additional documentation, agreeing to revised terms and conditions or for an annual background check to be performed.