New Enhancements to COI Module
October 20, 2014
BEI gives property managers as much or as little control as they want, in addition to saving time on renewals
Building Engines, a provider of comprehensive web and mobile property management software for the commercial real estate industry, just released an exciting set of enhancements to its Certificate of Insurance (COI) Tracking module. These enhancements were driven by feedback from customers as well as a constant monitoring of industry trends and needs.
The primary update to Building Engines’ COI module is the introduction of compliance. Property managers are now able to define their terms for COI compliance, which Building Engines will then use to determine the status of all entered COIs. Compliance can be defined for a building or group of buildings, and the required fields can be as data-intensive or as simplistic as the property manager prefers. Coverage amount requirements can also be set at the individual tenant level to reflect lease-level arrangements. All charts, icons, and reports have been updated to incorporate the newly created COI statuses: Compliant, Non-Compliant, Expiring Soon, Expired, and Missing. Customers will be able to see, at a glance, which of their tenants and vendors have optimal coverage.
In addition, Building Engines introduced optional COI approval workflows. Property managers may require up to two tiers of approval for three available workflows: approving compliance exceptions, approving tenant-level COI requirements, or approving all COIs entered in the system. The other major enhancement Building Engines rolled out involves COI expiration notices. The notification emails now include a quick and easy link for tenants or vendors to upload a scanned copy of their renewed certificate when it’s available, greatly reducing the time property managers spend tracking down COI renewals. This link can even be forwarded to an outside contact such as a broker to upload on the tenant’s behalf. These uploaded documents will automatically be available to Property Management when they select to renew the certificate.
Click here to view Building Engines’ latest COI Datasheet.
About Building Engines
Building Engines supports innovative commercial real estate owners & managers with web & mobile property management software that creates the visibility & control needed for more profitable operations, happier tenants and a uniquely identifiable brand. For more information, visit: http://www.buildingengines.com/