Business Credentialing Services Ensures Vendor Insurance Compliance

How many contracting jobs are underway each day in your building? There may be an
exterior maintenance company working on the façade, a unit owner renovating a kitchen, repairs being made on the boiler, an installation going in on a rooftop deck, and
potentially a host of others at any given time. Verifying that every vendor, contractor, sub-contractor, supplier and service provider working on your property has proper insurance certificates in place can be a non-stop task. Obtaining, filing and tracking these important documents is a time-consuming prospect, yet one that is essential in order to protect the property and all its residents from risk.

DEPM has begun working with Business Credentialing Service (BCS), a risk management company that screens vendors to ensure that they are in compliance with all of DEPM’s requirements BEFORE they begin any work. Requirements may include a
Certificate of Insurance detailing the compliant policies and limits, a Hold Harmless Agreement between the contractor and DEPM, a copy of the contractor’s W-9, a Contractor’s License if they are required to carry one in New York State, the company’s
Federal Employer Identification Number, and Office of Foreign Assets Control watch list
screening.
We are continuing to expand our database of vetted suppliers, contractors and vendors—all of whom pay an annual fee to BCS, so this service does not add to your
building’s expenses—and intend to require all businesses working in DEPM buildings to
be certified by BCS. Your property manager is working with our executive management
team as we continue to implement and expand this important new service.

Screen shot 2017-09-08 at 2.17.17 PM

Nick Zoppi of Building Credentialing Services addressed DEPM’s managers at our June in-house Seminar to explain how BCS can help protect client buildings when hiring contractors.