Ch 03 – Vendor Insurance
Contents
| INTRODUCTION |
| VENDOR INSURANCE |
| Projects Setup |
| Subcontract Card |
| Payment Journal |
INTRODUCTION
Vendor insurance in subcontracting refers to the insurance coverage that a subcontractor is required to maintain to protect themselves against various risks and liabilities associated with the work they are performing.
When a subcontractor is hired to perform specific tasks or provide goods or services as part of a larger construction project or contract, the main contractor often requires the subcontractor to carry certain types of insurance to mitigate potential risks.
VENDOR INSURANCE
Projects Setup
On the Projects Setup under the General fast tab, there is a setup known as “Disable Insurance Expiration Notify”.
This setup allows you to disable the warning message on the payment journal when the “Expiration Date” set on the Vendor Insurance Policy is before the Work Date.
Subcontract Card
On the required subcontract card, create vendor insurance lines by clicking on Vendor Insurances from the ribbon.
A Vendor Insurances list page will open as below, where you can fill in the required insurance details.
| FIELDS | DESCRIPTION |
| Insurance Type | Specifies the nature of the insurance policy and what risks or assets it is designed to protect such as General insurance, Vehicle insurance etc. |
| Carrier Name | Specifies an organization or company that provides insurance policies. |
| Policy No. | Specifies a unique identifier assigned to an insurance policy. It is a combination of letters and/or numbers. |
| Value | Specifies the insurance value assessed/estimated for an item/asset being insured. |
| Expiration Date | Specifies the date the insurance policy officially ends or ceases to provide coverage. |
| Vendor No. | Specifies the Vendor No. as an insurance holder who owns the insurance policy. |
| Project No. | Specifies the Project No. against which the insurance policy is applicable. |
Payment Journal
On the Payment Journal, create payment entries as required. The system will give a warning message for the insurance expiration (if any) when you post them.
