This guide covers the process of adding and editing Certificates of Insurance in Prism for Property Management Organizations (PMOs):
Adding a New Certificate:
- Navigate to the Insurance module
- Click "Add Certificate"
- Enter the name of the Certificate, as well as which company the Certificate is for. If you choose the Certificate Category (Tenant, Vendor, or Management), Prism will pull the corresponding companies for you to choose in the Company drop down.
- Upload the Certificate document
- Choose the relevant property(ies)
- Enter certificate details:
- Effective dates
- Coverage types
- Coverage amounts
- Policy numbers
- Add or select an insurance contact
- (Optional) Add agent information
- Click "Add Certificate" to save
Editing Existing Certificates
You can edit existing Certificates in the system. However, once a coverage type is added, they cannot be removed/deleted after creation. Once created, we don’t allow for data to be lost by deleting information captured on the certificate. If the certificate has changed, that usually means a new certificate has been insured and we recommend archiving this certificate or deleting it and replacing it with the new certificate file that has the correct coverage information.
To edit a Certificate please follow the steps below:
- Click into Insurance > Choose Certificate by clicking its ID.
- Click "Edit Certificate" on the bottom right.
- Once your changes are made, you can click "Save Certificate" on the bottom right.
FAQs:
Q: Can I create custom coverage types?
A: No, coverage types are standardized.
Q: How do AM Best Ratings work?
A: AM Best Ratings help assess the financial stability of insurance companies. FSC indicates company size, while FSR indicates ability to meet policy obligations.
Q: How do I handle a partially self-insured company?
A: You can toggle self-insurance for individual coverage types on a certificate.
Not a Property Manager? We have guides for tenant and vendor users as well, please see below.