Overview:
The Subcontract Insurance is tracked in PENTA via the expiration date. A Subcontract Insurance Hold can be automatically placed on invoices entered when the subcontract or vendor insurance has expired. To release the Hold, the insurance can be updated to a future expiration date (provided by the Subcontractor) or manually overridden. Therefore, it is important to track and maintain current subcontract/vendor insurance in PENTA to prevent unnecessary holds. A workbench panel exists to track coming due and expired Subcontractor Insurance.
Benefits:
- PM: Subcontractor Insurance Status panel serves as notification to be proactive in maintaining insurance
- The hold on payment serves as leverage for Subcontractors to maintain Insurance and provide the information timely
Roles:
- Accounts Payable Manager
- Controller
- Project Controller
Additional Content
Location:
- Project Management > Committed Costs > Subcontracts
- Accounts Payable > Vendors > Vendor Insurance
- PENTA Workbench > PM: Subcontractor Insurance Status
Video: