Through the Declarations page you are able to create declarations for open cover policies with minimum deposit. The system provides customers issued for them open cover with minimum premium policies of type Marine Cargo for example, an insurance placement arrangement, where the insurer may declare and insure specific types of risks on an open basis by issuing declarations instead of issuing new policies each time.

 

Moreover, you can view all declarations issued for the same policyholder and keep track of all of the details related to the declaration by clicking the  button. Accordingly, the system will list all declarations that belong to the same policy.

 

To perform a certain transaction to the declaration, you need to go through the following steps:

 

§  Select the Declaration you want from the Declarations List block;

§  Select the Transaction you want to perform:

§  Go to Endorsements: The system redirects you to the Endorsements sub-module, where you are able to issue endorsements on the selected certificate while this declaration must be posted to financial;

§  Go to Claims: The system redirects you to the Claims module where you are able to do claims on the selected declaration while this declaration must be posted to financial;

§  Go to Reinsurance: The system redirects you to the Reinsurance module;

§  Do Automatic Reinsurance: The system automatically reinsures the declaration. Once you select this transaction, you need to insert the necessary reinsurance information;

§  Delete Reinsurance: The system deletes reinsurance slip and distribution of the declaration;

§  Show Voucher: The system redirects you to the Financial Integration module where you are able to view the vouchers generated upon issuing the declaration and post the current declaration to financial

 

To create declarations, first you need to select the open cover policy with minimum deposit needed by filling in the Policy Search Criteria. Results that match your selecting criteria will be listed in the Declarations List block. However, please note that you can create declarations for open cover policies with minimum premium only.