Engineering Interests Entry

To include the interests of a policy for the ‘Engineering’ line of business you need to go through the following steps:

In the Policy Information block, all fields are read-only and are automatically retrieved by the system. The fields are general information regarding the policy;
The Interest Serial number is auto-generated by the system;
The Insurance Class and Policy Type are automatically displayed by the system according to the policy previously selected in the Policies page;
Enter the Interest Name; in Name2 you can enter the interest name in the second language of the system;
Select the Parent Interest name. However, if you leave this field empty, then the Interest Name will be the same as the Parent;
Select the Interest Type. You can select from a list of types that were defined in the Interest Types page of the Insurance Classes sub-module;
The Effective Date and time will be automatically retrieved by the system according to the policy selected previously in the Policies page. You can change it if you want but it shouldn’t be less than the effective date of the policy;
The Expiry Date and time will be automatically retrieved by the system according to the policy selected previously in the Policies page. You can change it if you want but it shouldn’t exceed the expiry date of the main policy;
The Latest Sum Insured will be calculated automatically after each time you update the sum insured;
Enter the value of each unit to be insured in the Unit Sum Insured field;
The system will automatically calculate the Unit Sum Insured in Local Currency of the company;
The Sum Insured will be automatically calculated by the system. The system will multiply the unit sum insured by the number of equipment and retrieve the total;
The system will automatically calculate the Sum Insured in Local Currency of the company;
The Number of Equipment is auto retrieved by the system;
The Exchange Rate will be given by the system along with the Sum Insured in Local Currency;
Select the Risk Occupation of this interest entry;
Select the Risk Category (Scale) for this insured interest;
Select the Jurisdiction area;
Select the Beneficiary name
Select the Deductible Type;
Enter the Deductible Percentage, Minimum Deductible and Maximum Deductible amount will be retrieved by the system based on the setup.
Enter any necessary notes regarding the deductions in the Deductible Notes field;
Check-in the Is Top Location checkbox if the interest is the top location. Note that all other remaining interests for the same policy will be set as ‘not top location’. Only one interest can be top location at a time;
Enter the Interest Description;
Select the Country, City and Area of the interest;
Enter in the Contract Title;
In the Limit of Indemnity specify the amount that the policy will cover for possible indemnity;
Specify the Equipment Capacity;
Enter the Indemnity Limit Description, in Indemnity Limit Description2 you can enter it in the second language of the system;
Enter the PML Percentage and EML Percentage;
The Accumulation Amount is auto-generated by the system;
Select the Risk Location from a list of pre-defined risk locations. Note that risk locations can be defined in the Accumulation Risk page located in the Underwriting Setup sub-module;
Enter the Model Year;
Select the Maintenance Period for equipment in case damages occurred;
Enter the Latitude and Longitude to define the location, or leave both fields empty and enter the location by dropping the Pin in the Location field where accordingly both fields will be auto-generated;
In the Appointed field, select the name of the surveyor appointed to this policy interest. You can select the names from a list that was previously defined through the Codes page of the General Settings module;
Enter the Appointed Fees for the selected surveyor;
Specify the Number of Covered Passengers;
Enter the Plate Number, Engine Number and the Chassis Number;
Enter the Machine Serial Number;
The Interest Premium and Interest Premium LC are initially set as zero. The amounts will change upon adding covers and calculating the premium;
Enter the Address of the equipment;
Select the Deductible From;
Enter any necessary Notes. Note you can enter notes in both languages of the system;
Enter the Minimum Premium;
Click to save your work;
The next step will be to go to the Policy Covers page.

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