Sherpa Compliance offers cost effective insurance compliance to enhance your procurement governance
We assess – Supplier insurances to raise awareness that Suppliers are properly and appropriately insured
We check – Supplier insurance for compliance to agreed contract
We validate – premiums have been paid
Why do I need insurance compliance?
Insurers will not settle a claim if…
- Wrong cover has been secured
- The insured does not fully declare their risks
- Premiums have not been paid
- Policies have been cancelled and premium refunded
Specialist insurance knowledge needed
- Do you know whether your Suppliers are covered and are they also correctly insured?
- If not, where does that leave you?
- HR, procurement and operations teams are not necessarily insurance specialists
- Did you know that a Certificate of Currency is only valid for the day it was issued. It is common practice that organisations incorrectly use the Certificate of Currency as proof that the supplier has the right insurances in place for the duration of cover
- Suppliers can cancel their policies at anytime and normally receive a refund of their unused premium
- Insurance premiums are based on risk and some organisations underplay their risks to secure a reduced premium
- These activities are all fine, until the music stops…
Current inefficient compliance processes
- For far too long organisations have been relying on their account management, procurement and HR teams to review and assess insurance documentation often without the relevant insurance knowledge or training
- So in the case of a claim against a Supplier, this exposes not only the organisation, but also those very people who are responsible for reviewing and assessing insurance documentation and compliance
- We help teams towards achieving the right tools and compliance processes