{"id":1009,"date":"2023-11-28T13:32:42","date_gmt":"2023-11-28T13:32:42","guid":{"rendered":"https:\/\/www.projectpro365.com\/user-guide\/?p=1009"},"modified":"2025-04-16T06:30:42","modified_gmt":"2025-04-16T06:30:42","slug":"vendor-insurance","status":"publish","type":"post","link":"https:\/\/www.projectpro365.com\/user-guide\/advanced\/subcontract-management\/vendor-insurance\/","title":{"rendered":"Ch 03 &#8211; Vendor Insurance"},"content":{"rendered":"<p><b>Contents<\/b><\/p>\n<table class=\"table table-striped\" width=\"612\">\n<tbody>\n<tr>\n<td><a href=\"#intro\">INTRODUCTION<\/a><\/td>\n<\/tr>\n<tr><\/tr>\n<tr>\n<tr>\n<td><a href=\"#2\">VENDOR INSURANCE<\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#3\">Projects Setup<\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#4\">Subcontract Card<\/a><\/td>\n<\/tr>\n<tr>\n<td><a href=\"#5\">Payment Journal<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b id= \"intro\">INTRODUCTION<\/b><\/p>\n<p>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. <\/p>\n<p>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.<\/p>\n<p><b id=\"2\">VENDOR INSURANCE<\/b><\/p>\n<p><b id=\"3\">Projects Setup<\/b><\/p>\n<p>On the Projects Setup under the General fast tab, there is a setup known as \u201cDisable Insurance Expiration Notify\u201d.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-02-vendor-insurance1.png\" alt=\"null\" \/><\/p>\n<p>This setup allows you to disable the warning message on the payment journal when the \u201cExpiration Date\u201d set on the Vendor Insurance Policy is before the Work Date.<\/p>\n<p><b id=\"4\">Subcontract Card<\/b><\/p>\n<p>On the required subcontract card, create vendor insurance lines by clicking on Vendor Insurances from the ribbon.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-02-vendor-insurance2.png\" alt=\"null\" \/><\/p>\n<p>A Vendor Insurances list page will open as below, where you can fill in the required insurance details.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-02-vendor-insurance3.png\" alt=\"null\" \/><\/p>\n<table class=\"table table-striped\">\n<tbody>\n<tr>\n<td width=\"161\"><strong><b>FIELDS<\/b><\/strong><\/td>\n<td width=\"519\"><strong><b>DESCRIPTION<\/b><\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong><b>Insurance Type<\/b><\/strong><\/td>\n<td width=\"519\">Specifies the nature of the insurance policy and what risks or assets it is designed to protect such as General insurance, Vehicle insurance etc.<\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong><b>Carrier Name<\/b><\/strong><\/td>\n<td width=\"519\">Specifies an organization or company that provides insurance policies.<\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong><b>Policy No.<\/b><\/strong><\/td>\n<td width=\"519\">Specifies a unique identifier assigned to an insurance policy. It is a combination of letters and\/or numbers.<\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong><b>Value<\/b><\/strong><\/td>\n<td width=\"519\">Specifies the insurance value assessed\/estimated for an item\/asset being insured.<\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong><b>Expiration Date<\/b><\/strong><\/td>\n<td width=\"519\">Specifies the date the insurance policy officially ends or ceases to provide coverage.<\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong><b>Vendor No.<\/b><\/strong><\/td>\n<td width=\"519\">Specifies the Vendor No. as an insurance holder who owns the insurance policy.<\/td>\n<\/tr>\n<tr>\n<td width=\"161\"><strong><b>Project No.<\/b><\/strong><\/td>\n<td width=\"519\">Specifies the Project No. against which the insurance policy is applicable.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><b id=\"5\">Payment Journal<\/b><\/p>\n<p>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.<\/p>\n<p><img decoding=\"async\" src=\"\/user-guide\/wp-content\/themes\/userguide\/images\/ch-02-vendor-insurance4.png\" alt=\"null\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.projectpro365.com\/user-guide\/advanced\/subcontract-management\/vendor-insurance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Ch 03 &#8211; Vendor Insurance&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,40],"tags":[],"class_list":["post-1009","post","type-post","status-publish","format-standard","hentry","category-subcontract-management","category-subcontract-management-2","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ch 03 - Vendor Insurance - User Guide<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.projectpro365.com\/user-guide\/advanced\/subcontract-management\/vendor-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ch 03 - Vendor Insurance - User Guide\" \/>\n<meta property=\"og:description\" content=\"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. 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