How To Track Certificates Of Insurance in STRATAFOLIO

Estimated reading time: 3 min

With STRATAFOLIO, you can automate your Certificate Of Insurance (COI) and insurance policy management. It is as simple as following the steps below:

  • Once your lease is created, Add the Insurance Requirements as stated per your lease
  • Add a Certificate Of Insurance for your tenant
  • Add the Insurance Policies to the COI
  • Get visual and email alerts before your policy will expire

Add The Insurance Requirements

Once your lease is created, you will add one or multiple insurance requirements to a lease. Each lease varies on the specific insurance requirements.

To add an insurance requirement to your lease, follow the steps below:

  • Find the Tenant’s Lease you need to add the insurance requirement to by clicking on the Properties -> Units -> Lease Details
  • Once In the Tenant’s Lease details, click on the Insurance tab and then on the [+ Add Lease Insurance] button. This will allow you to add an insurance requirement to this lease.
  • This form only has one required property. That is the Insurance Type. We advise you to add as much information as you have available. The more information you have on the easier it will be for you and your team when looking for answers.

Add the COI to Your Tenant

Now that you added all your insurance requirements to your lease, you can proceed to add the COI you received from your tenant.

NOTE: If the Tenant’s Lease does not have any insurance requirements, you or your tenant will not be able to upload a COI until at least one insurance requirement is added to the Tenant’s lease.

  • To add a COI, click on the Tenants tab within your lease and click on the View Tenant Details button to access the Tenant’s details view.
  • Once in the Tenant’s detail view, click on the Insurance tab and then click on the [+ Add Insurance Certificate] button to add a new COI.
  • Once the form is open, you will be able to upload the COI, and add folowing properties:
    • The Insurance Company Name that supplied the COI (This property is required)
    • The Certificate Date. This is the date the Certificate was issued (This property is required)
    • If you would like us to notify your Tenant’s Agent through email before the certificate will expire, please add the Agent’s Name and Email to the form (These properties are optional)
    • Add any notes you would like to include with the Certifciate (This property is Optional)
    • Click Save and the Certificate will be saved.

Once the COI is uploaded, to receive alerts for that COI, you will need to add at least one Insurance Policy to that COI.

Add Policies to the COI

  • In order to add Insurance Policies to a COI, you will need to go into the COI by clicking on the View Certificate Details button.
  • Once you are in the COI details, you will be able to add one or more insurance policies.
  • To add one or more policies, click on the Policies tab and the [+ Add Policy] button.
  • The insurance policy is what STRATAFOLIO will alert your Tenant on.
  • If an Insurance Agent Name and Insurance Agent Email is added to the COI form, the Insurance Agent will also receive an email alert.

Getting Visual Alerts

Once you add your Insurance requirements to your lease, the COI to the tenant, and the insurance certificate to the COI, you will be able to quickly view the statuses of that policy or all your insurance policies within your organization once all the policies are added. To do this:

  • Click on the Hierarchy -> Insurance menu links on the left navigation menu.

Getting Email Alerts

NOTE: Make sure your tenant Contact has a valid Email Address, so they can receive email alerts when an Insurance Policy is about to expire. If the COI form has the Agent Name and the Agent Email, that Agent will also receive an email alert.

  • An expiring insurance policy will generate email alerts until that insurance policy is updated, or the lease is expired.
  • If the policy is not updated, STRATAFOLIO will send multiple emails.
    • First Email will trigger 30 days before the Insurance Policy expires
    • Second Email will trigger 7 days before the Insurance Policy expires
    • Third Email will trigger the days the Insurance Policy expired
    • Fourth Email will trigger 3 days after the Insurance Policy expired
    • Fifth and final Email will trigger 7 days after the Insurance Policy expired
  • In this email, you will receive information regarding each certificate that meets the timeline mentioned above.

Want to learn more?

Would you like to learn more about what STRATAFOLIO can do to help you manage your Commercial Real Estate Properties? Watch our prerecorded 10-minute demo to learn how we can reduce your time and effort by 80%.

Do you want to talk to us directly about how we can help your organization-specific needs? Schedule a 1:1 demo tailored specifically to your organization’s individual goals and needs.
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