Before a job that has PSI (Project Specific Insurance) can be closed it with must have the final cost for PSI insurance recorded. To do this the following steps are taken.

1. The Project Manager sends an e-mail (and cc’s the Project Accountant) to Susan Thorne (Sthorne@swinerton.com) in Risk Management with the FINAL CONTRACT AMOUNT.

2. Susan will calculate the final PSI insurance amount and forward the e-mail (cc’ing the Project Manager and the Project Accountant) to Mehary Mebrahtu (MMebrahtu@swinerton.com).

3. Mehary will make the final entry and send an e-mail to Susan Thorne, the Project Manager and the Project Accountant letting each know the entry is made and posted. He will also attach the final PSI invoice to this e-mail for backup.

Below is a series of sample e-mails:

1. From Project Manager to Susan Thorne:

Hi Susan,

The final contract amount on 15020XXX – Main Street Job is $76,528,442.74

Please calculate the final PSI cost.

Thanks,

John Smith

Sr. Project Manager

Please prepare a final PSI billing for the Main Street Job , Project# 15020XXX as follows:

Final Contract Value - $76,528,442

Original Contract Value - $75,568,854

Change Orders: $959,588

PSI Project Rate: x .0085___________

Additional Premium Due - $8,156

Thanks,

Susan