When reviewing documents, a status is applied to requirements to move a contract (vendor) toward compliance in Billy.
Waive (see tip on Waive vs Approve Non-compliant)
Let's review what each status means and how it affect contact compliance.
Approve
Use this status when your requirements match what the vendor submitted exactly.
"Notes to Vendor" are not required to save.
Approve Non-compliant
Use this status when your exact requirements were not met, but you are ok with marking them as approved.
For example, say a final cleaning subcontractor submitted a policy with a $1,000,000 Aggregate Limit for Umbrella and you require $2,000,000 in Aggregate Limit. If your company decides that this is acceptable, you would select "Approve Non-compliant." You require a higher limit but are allowing this vendor to be compliant with the lower limit for this policy.
More Tips:
Requirement effective and expiration dates are tracked when approved as non-compliant.
Notes to Vendor are required to save, giving your team visibility into why this status was chosen.
Approve Non-compliant can be used to make business decisions. All requirements marked as such are visible on the Coverages Page
Waive
Waive overrides the contract's (vendor's) need to provide this requirement now and in the future.
For example, sometimes a requirement is not mandatory for all vendors. Maybe abatement vendors are only required to have Pollution Insurance, but you don't require that from your framing vendors. For a situation like this, use the "Waive" status.
Similar to when you Approve Non-Compliant or Reject a requirement, you will need to enter notes when you Waive.
Billy will recognize that a requirement has been waived on a given project for this contract and you will not need to review it again if a new certificate is uploaded:
If a requirement for a contract should no longer be waived, you can choose to review it at any time.
Waive vs Approve Non-Compliant
Waiving a requirement does not track its expiration date. If a requirement/policy is provided that is not fully compliant, but your team has decided the submission is sufficient, apply the Approve Non-compliant status to ensure automated expiration emails are sent.
Reject
Rejecting a requirement is the only status that will keep a vendor from becoming Compliant in Billy.
There are a few situations when you should use the "Reject" status:
Insurance requirement was not met (ie missing).
Insurance requirement was submitted but is not compliant.
Example: $1M limit is required, but only $500k was submitted, and your company has decided this is not acceptable
PRO TIP:
Always leave notes to your vendor when rejecting a requirement. This allows you to be specific about why you are rejecting the requirement, and what you need for it to be accepted.
Billy will automatically select "Send Email Notification" when rejecting policies, but you can un-select if needed.
As always, if you have questions on any of our features please reach out via chat. Our team is happy to help!