{"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 – Vendor Insurance"},"content":{"rendered":"

Contents<\/b><\/p>\n\n\n\n<\/tr>\n\n\n\n\n\n
INTRODUCTION<\/a><\/td>\n<\/tr>\n
VENDOR INSURANCE<\/a><\/td>\n<\/tr>\n
Projects Setup<\/a><\/td>\n<\/tr>\n
Subcontract Card<\/a><\/td>\n<\/tr>\n
Payment Journal<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

INTRODUCTION<\/b><\/p>\n

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

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

VENDOR INSURANCE<\/b><\/p>\n

Projects Setup<\/b><\/p>\n

On the Projects Setup under the General fast tab, there is a setup known as \u201cDisable Insurance Expiration Notify\u201d.<\/p>\n

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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

Subcontract Card<\/b><\/p>\n

On the required subcontract card, create vendor insurance lines by clicking on Vendor Insurances from the ribbon.<\/p>\n

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A Vendor Insurances list page will open as below, where you can fill in the required insurance details.<\/p>\n

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FIELDS<\/b><\/strong><\/td>\nDESCRIPTION<\/b><\/strong><\/td>\n<\/tr>\n
Insurance Type<\/b><\/strong><\/td>\nSpecifies 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
Carrier Name<\/b><\/strong><\/td>\nSpecifies an organization or company that provides insurance policies.<\/td>\n<\/tr>\n
Policy No.<\/b><\/strong><\/td>\nSpecifies a unique identifier assigned to an insurance policy. It is a combination of letters and\/or numbers.<\/td>\n<\/tr>\n
Value<\/b><\/strong><\/td>\nSpecifies the insurance value assessed\/estimated for an item\/asset being insured.<\/td>\n<\/tr>\n
Expiration Date<\/b><\/strong><\/td>\nSpecifies the date the insurance policy officially ends or ceases to provide coverage.<\/td>\n<\/tr>\n
Vendor No.<\/b><\/strong><\/td>\nSpecifies the Vendor No. as an insurance holder who owns the insurance policy.<\/td>\n<\/tr>\n
Project No.<\/b><\/strong><\/td>\nSpecifies the Project No. against which the insurance policy is applicable.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Payment Journal<\/b><\/p>\n

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

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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 … <\/p>\n

Continue reading “Ch 03 – Vendor Insurance”<\/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"],"_links":{"self":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/1009","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/comments?post=1009"}],"version-history":[{"count":8,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/1009\/revisions"}],"predecessor-version":[{"id":1497,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/posts\/1009\/revisions\/1497"}],"wp:attachment":[{"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/media?parent=1009"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/categories?post=1009"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.projectpro365.com\/user-guide\/wp-json\/wp\/v2\/tags?post=1009"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}