Enrollment Definitions & Abbreviations

• Additional Insured – AI – whoever is listed as AI is also insured under the policy. 
• Additional Insured Endorsement – AI endorsement – this is a separate document other than the COI. It is the actual proof of the additional insured coverage. 
• Automobile Insurance – auto – this insurance covers any accidents that happen in their vehicles. GL insurance does NOT cover car accidents. 
• ARB- Automatic recurring billing - This is an option to activate when the vendors are going through the enrollment process and are on the last step to pay for the subscription or when renewing a subscription online. When activating ARB, it will process a payment automatically for the years to follow until cancelled. 
• Background check-BGC- It is a process NetVendor uses to verify that a person is who they claim to be and provides an opportunity for us to check a person’s criminal record, employment history, and other activities that happened in the past in order to confirm their validity.                  
• Certificate Holder – cert holder – this is the who the insurance agency contacts in case of policy cancellation. The name of the property management company, “NetVendor” and our address are almost always in the cert holder. 
• Certificate of insurance- COI- also known as an accord form as is the form most commonly used, not all COIs look the same. It is a document used to provide information on specific insurance coverage. It provides verification of the insurance and usually contains information on types and limits of coverage, insurance company, policy number, named insured, and the policies' effective periods. 
• Employer Identification Number – EIN, Tax ID, government ID – This is the number that the IRS assigns the business for tax purposes. It is like the business’ social security number. 
• General Liability-GL-often referred to as business liability insurance, is coverage that can protect a person from a variety of claims including bodily injury, property damage, personal injury and others that can arise from their business operations. 
• IRS Letter – sometimes called “letter of verification” – this is a document that the vendor can request by calling the IRS (800-829-4933) if they do not already have it. It shows their EIN and their company name. 
• Property manager/Project Manager-PM - The property manager is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate. 
• Property management company-PMC- It typically involves the management of property that is owned by another party or entity. The property management company acts on behalf of the owner to preserve the value of the property while generating income. 
• Sole Proprietor – this is a business in which there is only 1 person, a “one man show”, so to speak.  
• Umbrella insurance – UMB – Umbrella insurance is extra coverage that can cover multiple policies. For example, if the vendor’s GL insurance is depleted, the UMB will cover the rest of the damages. 
• Vendor Performance Agreement – VPA – this is a contract between the vendor and the property management company. 
• W9 – this is used to collect information about the vendor’s business that can be used by the people paying the vendor, in order to complete an information report for the IRS (such as a 1099).  
• Waiver of Subrogation – WOS – Subrogation(legal right to collect a debt or damages) is a legal right afforded to insurers. It allows them to seek reimbursement for losses they have paid by suing the parties that caused the losses. A WOS waives the vendor’s insurance company’s right to subrogate. Example: the vendor has a waiver of subrogation on their WC for Greystar. Greystar’s property is worn down and there are potholes in the parking lot. An employee steps in a pothole and breaks their leg, and WC pays for the employee to seek medical attention. In this case, the vendor’s WC provider cannot ask Greystar for compensation, even though it was Greystar’s fault. 
• Workers Compensation insurance – workers comp, WC – this covers the vendor’s employees, whether they are injured or sick because of the job they are performing. 
• Workers Compensation Exemption – workers comp exempt, WCE – Generally, vendors who do not have employees are WCE. However, WCE laws differ state by state. For example: In Alabama, businesses with 4 or less employees can be WCE. In Alaska, you need workers comp even if you just have 1 employee. In Texas, you can elect to be WCE regardless of how many employees you have.