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;
Specify the Estimate Delivery Date of the marine cargo;
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 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;
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 Jurisdiction area over which the legal authority of a court extends;
Enter the Letter of Credit Number and Amount;
In the LC Ex-Rate field, select the letter of credit’s currency and the system will automatically retrieve the selected currencies exchange rate.
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;
Select the Risk Category for this insured interest;
Select the Evaluation for this insured marine cargo interest. Evaluations are defined through the Evaluation Basis page of the General Settings module;
The Addition Percentage and Charge Percentage will be automatically retrieved by the system according to the selected Evaluation basis setup. However, you can change it if so desired;
Select the Conveyance method for transporting the marine cargo;

(Note: you can select more than one conveyance)

Enter the Conveyance Description;
Enter in the maximum value of cargo carried in Any One Shipment;
Specify the Number of Shipments;
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 Minimum Deductible and Maximum Deductible amounts;
Enter any necessary notes regarding the deductions in the Deductible Notes field;
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;
Enter the Cargo Description;
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 destination where the vessels carrying the cargo will Sail From;
Select the Sail Destination where the cargo will be shipped to;
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 Customer name. will be automatically retrieved by the system according to the policy selected previously in the Policies page;
Enter in the details of the Sail Route;
Select the Vessel Name that will be conveying the cargo;
Enter the PML Percentage and EML Percentage;
Enter the Address of the appointed
The Accumulation Amount is initially set to the last calculated amount on the selected risk location within other policies
The Interest Premium and Interest Premium LC are initially set as zero. The amounts will change upon adding covers and calculating the premium;
Enter any necessary Notes. Note you can enter notes in both languages of the system;
Click to save your work;
The next step will be to go to the Policy Covers page.

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