Marine Hull Interests Entry

To include the interests of a policy for the ‘Marine Hull’ 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;
Select the Interest Type;
Enter in the insured Vessel Name;
Select the Jurisdiction area over which the legal authority of a court extends;
The Latest Sum Insured will be calculated automatically after each time you update the sum insured;
The Effective Date and time will be automatically retrieved by the system according to the policy selected previously in the Policies page. You may change it if you want;
The Expiry Date and time will be automatically retrieved by the system according to the policy selected previously in the Policies page. You may change it if you want;
Enter in the Sum Insured amount. Accordingly, the system will automatically calculate the Sum Insured in the Local Currency of the company;
The Exchange Rate and currency will be automatically set based on the selected policy’s exchange rate;
Select the Risk Category for this insured interest;
Select the Customer name. Note that customer names will be filtered based on the insured customer names entered during the entry of the policy;
Enter the Deductible Percentage, Minimum Deductible and Maximum Deductible amounts. The system will take the deductible percentage into consideration only if it falls within the specified range of deductible amounts. Otherwise, if the deductible percentage was greater than the maximum deductible, then the system will consider the maximum deductible amount. Else if the deductible percentage was less than the minimum deductible, then the system will consider the minimum deductible amount;
Enter any necessary notes regarding the deductions in the Deductible Notes field;
Enter the PML Percentage and EML Percentage;
Enter in the Vessel Year Built, Vessel Material, Vessel Model and Manufacturer of the insured vessel;
Select the Vessel Classification. You can select from a list of classifications that were defined through the Codes page of the General Settings module;
In the Gross Tonnage field, enter in the total internal volume of a vessel;
Specify the Trading Area details;
Enter the Refurbishment Date which represents that date for when the process of major maintenance or minor repair of the vessel will occur;
Specify the Vessel Length;
Enter in the Last Survey Date on which the vessel was last surveyed by a surveyor;
Enter in the Vessel ID;
Enter in the Purchase Price and Purchase Date of the vessel;
Select the Nationality Flag of the vessel;
Specify the Number of Covered Passengers on the vessel;
Enter in the Owner name of the vessel;
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 vessel’s Registration Number;
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;
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 the Address of the appointed;
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 to add covers to this newly added policy.

Top of Page