Thompson Thrift Case Study on Insurance Tracking

This case study details the experiences of Thompson Thrift, a general contractor, in managing subcontractor insurance coverage and compliance. The company, which operates across multiple states and handles significant project values, faced challenges due to the complexity of tracking insurance for approximately 1,000 subcontractors. The lack of effective processes led to substantial financial losses, including a notable $1 million litigation. To address these issues, Thompson Thrift implemented myCOI's insurance tracking solution in 2017. This system enabled the identification of compliance risks and introduced new processes to mitigate them. The partnership resulted in improved compliance rates, with 82% of subcontractors verified as compliant within seven months. The case study outlines the importance of dedicated software and professional support in ensuring adequate insurance coverage and risk management, emphasizing the critical role of thorough insurance tracking in the construction industry.