Everyone in construction needs insurance. Billy is configurable and flexible, whether you have project-specific or vendor-specific requirement needs.
PRO TIP:
This article applies to your default requirements, project-specific requirements, and even vendor-specific requirements. Adding or editing requirements works the same way across the board.
Settings > Requirement Groups
Adding or editing insurance requirements (except for project-specific Sample COIs and Additional Insureds - see below) begins in your Settings, then head to the Requirement Groups section. Click the requirement group or use the 3 dots to the right of the group to add or edit.
Add Insurance Requirements
Billy supports the following commercial insurance policy types, including an "Other" option to create any policy type you need:
REMINDER:
Default requirements can be found under Settings > Requirements.
Project requirements are under the "Requirements" tab.
To enter your first requirement, click "Add Requirement" > "Insurance Requirement."
Then fill out the following sections:
Policy Type
Choose one from the dropdown menu.
Additional Insured
Select Named Additional Insured, Blanket Additional Insured, or Not Required.
Unsure of the difference? Let's break it down.
According to IRMI, a blanket endorsement is defined as, “An endorsement sometimes attached to liability insurance policies that automatically grants insured status to a person or organization that the named insured is required by contract to add as an insured. May apply only to specific types of contracts or entities. Also referred to as an ‘automatic additional insured endorsement.’”
In simpler terms, if the company has a blanket additional insured endorsement, you will only receive the coverage if you have a signed agreement with them that requires you to be an additional insured.
You will then do the same with Named Waiver of Subrogation, Blanket Waiver of Subrogation, or Not Required.
It is very important to understand the differences between Named Additional Insured and Blanket Additional Insured. Having your insurance agent or a team of insurance producers like ours at Billy review your coverage requirements can help ease your mind and ensure they are set properly.
Policy options & endorsements
Use this section to list things such as:
- Endorsements
- Inclusions or Exclusions you might have for this policy
- Specific language necessary for your requirements
- ex: “Hired Autos Only”, “Retention ($10,000)”, “General
Aggregate Applies to Location”
- Certificate holder names and addresses
Limits
Billy has pre-populated limits listed under Limit Name. Choose the required limit then enter your required Limit Amount.
You can add as many limits as necessary by clicking the "Add Another Limit" button.These limits can also be removed by clicking the red "Remove Limit" button.
When your limits look correct, click the blue "Save" button and they will be added as an insurance requirement.
You can always edit these requirements via the kebab menu.
PRO TIP:
The following limits correspond with these most commonly requested policies:
Commercial General Liability Insurance
Each Occurrence
General Aggregate
Personal and Adv Injury
Products - Comp/Op Agg
Med Exp (Any One Person)
Damaged To Rented Premises Each Occurrence
Commercial Automobile Insurance
Combined Single Limit
Excess/Umbrella Liability Insurance
Each Occurrence
General Aggregate
Workers Compensation Insurance
E.L. Each Accident
E.L. Disease Each Employee
E.L. Disease Policy Limit
Required Documents
This is for any insurance-related required documents.
We do not recommend adding non-insurance-related documents here (ie W9, business license, subcontractor agreement, etc) because:
You cannot indicate an expiration date for these required documents.
These required documents will be required of your vendors every time a policy expires.
The most commonly used required documents we see from our partners are Endorsements. For example:
Commercial General Liability Additional Insured Endorsement
Automobile Additional Insured Endorsement
Worker's Compensation Waiver of Subrogation Endorsement
Primary and Non-Contributory Endorsement
Products and Completed Ops Endorsement
REMINDER:
Use Required Documents for insurance-related documents only.
Need assistance or have requirement-specific questions? We have a team of Billy insurance producers here happy to help! Please reach out to us via the live chat app.
Requirements that Live in Each Project
The above requirements are modified in Settings. The below requirements live within each project. Let's take a look at what and where these live!
Additional Insured
Your default Additional Insured party(ies) have been added in Settings > Additional Insureds, and are copied across all projects. Project-specific Additional Insured party(ies) are entered at the project level in the 3rd tab at the top of each project page.
In an insurance policy, an additional insured refers to anyone other than the policyholder who is covered by an insurance policy. Coverage might be limited to a single event or it could last for the policy's lifetime.
You can edit or remove any additional insureds by clicking the "+ Additional Insured" button in the top right.
Enter the party's name and click "Save." You can enter as many parties as you need.
Sample Documents
Your default Sample Document has been added in Settings > Sample Document and is copied across all projects. Project-specific Sample Documents can be added at the project level in the 2nd tab at the top of each project page.
Add a Sample COI to provide your vendors a visual of your insurance requirements.
Vendor Submission Portal where vendors can view and download your Sample COI.
