Insurance and Bonds

Insurance policies and bonds are tracked by voucher vendor and project name.

• The different combinations of voucher vendor, project, and insurance policy type can exist on only one screen. If you have a new insurance policy to enter for a vendor/project, insert a new line.
• The different combinations of voucher vendor, project, and bond type can exist only on one screen. If you have a new bond to enter for a vendor/project, insert a new line.

When you select the Required for Payment check box (for an insurance policy or bond), Costpoint performs further validations to ensure that the project's sublevels maintain insurance and/or bonds. The validations never look at project levels above the selected level, only below.

For example: Your vendor is C Construction and your project number is 100.222.333. If you select the Required for Payment check box:

• All numbers above this level (such as 100.222.332 and 100.221.333) will not require coverage.
• All numbers equal to or below this level (such as 100.222.334 and 100.222.333.1) will require coverage.

Liens

For liens only, Costpoint allows only one form of vendor/project combination. After you use a vendor with any portion of a project number, either at a lower level (more specific project) or at a higher level (more general project), you cannot reuse it. Example: Vendor AAA and Project 1000. After you match AAA with 1000.001.002 on a lien, you can never pair AAA with any other form of project 1000 for lien purposes.