Setting up Agreement-specific Requirements

Summary 

This video explains how to configure insurance requirements for tenants in the BCS system, contrasting them with vendor requirements. Unlike vendors, which often use standardized categories, tenant requirements are typically lease-specific and vary by agreement. Below are the key points and steps for implementation:

Overview of Requirements

• Vendor vs. Tenant Requirements:
  • Vendors: Assigned to standardized requirement categories (e.g., high-risk, low-risk) based on scope of work, with uniform insurance limits and policies.
  • Tenants: Requirements are lease-specific, reflecting unique terms in each agreement, common in real estate. Similar scenarios may apply to specialized vendors or contractors with negotiated agreements.
• Purpose: Ensure the system tracks tenant insurance requirements accurately, tailored to individual leases.

Steps to Set Up Tenant Requirements

1. Create a Standard Lease Requirement Category
   • Navigate to the requirements section and create a category named “Standard Lease Requirements.”
   • Populate it with typical insurance requirements found across leases, including:
     • Common policies (e.g., general liability, professional liability, liquor liability for hospitality tenants).
     • Standard limits (e.g., $1 million for general liability).
     • Provisions like description of operations or additional insured requirements.
   • Save the category. For detailed guidance, refer to the general training video on requirement categories.
2. Assign the Category to a Tenant’s Compliance Assignment
   • Select a tenant and view their compliance assignments (e.g., leases at different locations).
   • Assign the “Standard Lease Requirements” category to each relevant compliance assignment.
   • The system displays the category’s stipulated requirements (limits, policies, provisions) for that assignment.
3. Modify Requirements for Lease-Specific Needs
   • If a lease deviates from the standard category:
     • Open the compliance assignment and adjust requirements directly (e.g., change limits to $1 million, unrequire liquor or professional liability).
     • Add or modify provisions or document requirements specific to the lease.
   • Changes apply only to that compliance assignment, not the broader category.
   • An indicator (e.g., asterisk) signals modifications, reminding you these are lease-specific.
4. Understand Location-Specific Requirements
   • If configured for location-specific requirements (common in real estate):
     • The system pulls additional insured and certificate holder details from the selected location (e.g., Topaz Fields).
     • This overrides global settings, ensuring COIs reflect location-based terms.
   • If using global requirements, the same certificate holder and additional insured apply across all locations.
5. Manage Modifications
   • Modified requirements remain static unless reset to the original category’s settings.
   • To revert to the standard category, click “Reset,” aligning the assignment with the broader category’s requirements.

Key Takeaways

• Flexibility: Start with a standard lease requirement category as a baseline, then tweak per lease for precision.
• Isolation: Changes to a compliance assignment don’t affect the category, preserving other assignments.
• Location Matters: Location-specific settings automatically tailor COI details, streamlining real estate compliance.
• Process: Set up a broad category, assign it, then customize as needed per lease, ensuring accurate tracking.