Terms & Definitions
Trustlayer Terms:
✔ Compliance Profile - This is a list of requirements one needs to meet in order to be compliant or approved. This information is housed in the system settings and can be adjusted as risk appetites change. Typically, a compliance profile will hold all insurance requirements such as limits and coverages and other documents needed to have on file in order to work with or for you.
✔ Party Types - These are groups or buckets of your third-parties that share similar characteristics or common requirements (ex: divisions, scope of work, risk type, property, employee type, etc.). Party Types are completely customizable to your business needs and use case.
✔ Parties - These are the third-parties (Insureds) you’re doing business with and from whom you are requesting and tracking documentation within TrustLayer. Thus, a Party can be a subcontractor, tenant, vendor, hauler, employee, etc.
✔ Dashboard – Provides an overview of where an organization is at compliance wise.
✔ Documents – These are any type of documentation that you are looking to request from and track for the third-parties you’re entering into TrustLayer. Documents can range from MSAs, W-9s, 1099s, Licenses & Permits, COIs, Leases, etc. Documents can further be organized by Document Type, which serve as folders in the system.
✔ Projects – This feature is used to manage Parties when multiple Compliance Profiles are needed based on the different types of work a party is doing or different Certificates of Insurance need to be collected per location a Party will be performing work in.
✔ Settings – This is where all your Organization’s users, rules, email templates, and overall system configurations are set up.
✔ Tags - These are identifiers visible within the platform. Tags can be used for Party specific items or Organizational/Workflow specific call outs.
• Examples of Party specific Tags include: Scope of Work (Plumber, Architect, etc.), State or Region, identifying Minority Owned businesses, etc.
• Examples of Organizational/Workflow Tags include: “Escalation”, “Work in Progress (WIP)”, “Pending Waiver”, “Stopped Here”, “Non-responsive”, “Loss Cause”, etc.
✔ Custom Fields - This feature allows
• Party - Allows you to create, store, and report on any custom data pertaining to a specific Party.
Examples:
• Project TrustLayer User Guide 2
Insurance/Compliance Terms:
✔ Insured - The entity, individual, or third party (known as Party in TL) from whom a COI is being requested. Examples of Insureds are: tenants, vendors, suppliers, contractors, franchises.
✔ Certificate of Insurance (COI) - A Certificate of Insurance represents key terms like named Insured, coverage details, limits, insuring companies, deductibles, and policy dates. It's usually on an insurance company or ACORD 25 form. Not a policy itself, it mirrors policy info but doesn't replace terms and conditions.
✔ Certificate Holder - The legal entity that is requesting a COI from an Insured.
✔ Broker - The insurance agent or broker of the Insured. They issue the COI on behalf of the Insured.
✔ Carrier - An insurance company
✔ Endorsements - Insurance policy Endorsements provide crucial evidence of coverage requirements, wording, and indemnification. Reviewers must ensure Endorsements are genuine by verifying ties to the Insured's name, matching policy numbers on the Cert, and confirming current endorsement dates. They are a key piece of evidence, second only to the policy itself, ensuring accuracy on the COI. Common Endorsements include Additional Insured (CG 20 10), Additional Insured - Completed Operations (CG 20 37), and Waiver of Subrogation (CG 24 04).
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