Marine Cargo Interests Entry

To include the interests of a policy for the ‘Marine Cargo’ 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 both languages of the system;
Select the Interest Type for this newly added Marine Cargo interest. As a result, the Deductible Percentage will be retrieved as per the selected interest type setup;
Enter the Shipment Date;
The Effective Date and time will set as the interest effective date. However, you can change it if you want but it shouldn’t be less than the effective date of the policy;
Select the Bank you will be dealing with. You can select from a list of banks that were previously added through the Codes page of the General Settings page;
Select the Jurisdiction area over which the legal authority of a court extends;
Select the Packing Type of the cargo. You can select from a list of conditions that were previously defined through the Codes page of the General Settings module;
Select the Condition for transporting this cargo, if any. You can select from a list of conditions that were previously defined through the Codes page of the General Settings module;
Enter the Letter of Credit Number and Letter of Credit Amount;
The Latest Letter of Credit Amount is auto-generated by the system;
Select the Letter of Credit Currency;
The Letter of Credit Amount (Sbj) is auto-generated by the system;
The Basic Sum Insured is auto-generated by the system; however, you can change it if needed;
The Latest Basic Sum Insured and Basic Sum Insured are auto-generated by the system;
Select the Evaluation for this insured marine cargo interest. Evaluations are defined through the Evaluation Basis page of the General Settings module;
Based on the entered LC Amount, the system will automatically calculate the Local LC Amount, Latest Sum Insured, Sum Insured and Sum Insured in Local Currency of the company. Note that the Latest Sum Insured will be updated automatically after each time you update the sum insured;
The Exchange Rate is auto retrieved by the system;
Enter the Conveyance Description;
Enter in the maximum value of cargo carried in Any One Shipment;
The Latest Any One Shipment is auto retrieved by the system;
The Number Of Shipment is auto retrieved by the system, however, you can change it if needed;
Select the Risk Category for this insured interest;
Select the Conveyance method for transporting the marine cargo;
Select the Deductible Type;
Enter the Deductible%, Minimum Deductible and Maximum Deductible amounts;
Enter any necessary notes regarding the deductions in the Deductible Notes field;
Select the Bank Branch;
Enter the Cargo Description in both languages of the system;
Specify the Estimate Delivery Date of the marine cargo;
In the LC Ex-Rate field, select the letter of credit’s currency and the system will automatically retrieve the selected currencies exchange rate.
Enter the Addition Percentage, Charge Percentage and Other Charges Percentage;
From the Cargo Type drop-down list select the nature of the cargo from a list that was previously defined in the Codes page of the General Settings module;
Select the Loading Port and Arrival Port;
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;
Select the Beneficiary;
Enter the Sail Rout description;
The Accumulation Amount is initially set to the last calculated amount on the selected risk location within other policies;
Select the Vessel Name that will be conveying the cargo;
Enter the Vessel Year Built;
Select the Vessel Nationality;
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 PML Percentage and EML Percentage;
Enter the Address of the appointed;
The Interest Premium in Local Currency is auto-generated by the system;
Enter the Rout To and Rout To description;
Enter the Owner;
Enter the Vessel Classification;
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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