In addition to the monitoring process, RMIS also performs background screening of vendor principal owners. We handle all aspects of vendor communication during the registration process including the collection of registration fees and vendor dociments, as well as interaction with each vendor’s insurance providers.
To facilitate Vendor registration, RMIS will create a custom interactive website with your company’s look and feel. This website enables Vendors to register quickly and conveniently. They can also agree online to terms and conditions of employment with your company's terms and conditions. Vendors without Internet access may register by fax or telephone. To further assist Vendors, RMIS employs multilingual Customer Service Representatives.
Implementation
New clients provide us with their vendor list and the insurance and legal requirements their vendors must meet. We incorporate this information into an easily navigated web based registration process and invite vendors to the site. In minutes, your Vendors can:
- Provide their company information (including Tax I.D., line of business etc.)
- Electronically agree to your company’s Vendor contracts and legal documentation.
- Register their W-9 form.
- Receive complete COI instructions, including additionally insured and other mandatory insurance requirements and endorsements.
RMIS manages the entire process. Our team of multilingual, Service Representatives assist vendors from start to finish and are always available thereafter for questions.
Reporting Options
Another unique strength of RMIS is our flexibility in providing vendor information to our clients.
Methods include:
- The most common reporting method is through a powerful website that is custom built for each of our clients. 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.
- Through our API “Real-time” link to your in-house management software, providing you up-to-the-minute updates on your vendors’ insurance coverage and background screening. Our IT personnel will assist your company with any software adjustments to establish the “real-time” link, as well as provide ongoing support.
- Via daily fax or email reports presenting full insurance information and background screening results, and listing each vendor as "Approved" or "Non-Approved."
- In addition to the above, you will also receive instant email or fax notification of a change to any vendor’s COI insurance information. [e.g., a cancellation or reinstatement]
- Vendor Status Reporting: We can output data in many formats, including: Excel, PDF, text file, XML, etc.
Vendor status reports can be run on demand by the user via the website or scheduled to automatically be sent to the client on regular intervals.
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. The fee covers the cost of vendor credentialing, if applicable, collection of updated insurance certificates and documents, as necessary, including storage, archival and ongoing maintenance of those documents, year-round.
The COI Monitoring Process
Following vendor registration, we rigorously audit new Certificates of Insurance as we receive them to ensure coverage, limits, additionally insured’s and any other endorsements are accurate. If the information meets client requirements, it is captured into our in-house database. The document, itself, is scanned into our Image Database for easy client accessibility.
If the certificate does not meet client requirements, we notify the client and inform the vendor how to correct the problem.
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 follow up with multiple requests, if necessary, by fax, email and/or via phone until an updated certificate of insurance is received.
Monitored Insurance Categories
- General Liability
- Excess Liability
- Worker’s Compensation
- Auto Liability
- Other coverage per request
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, as well as credit and OFAC information on the vendor company. Background sources include:
- OFAC (Office of Foriegn Assets Control):
The OFAC SDN (Specially Designated 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.
- 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, etc).
- Credit History / Rating: (Dun & Bradstreet) and Experian available
- Bankruptcy, Liens and Judgments Search: (May determine signs of financial distress or serious issues which may cause concern regarding their ability to follow up of complete a job)
- 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 ifthe SSN is associated with that of a person who is being reported as deseased.
*Additional background screening data available at client’s request.
Please call today for information about our products and services! (800) 400-4924