Create an Endorsement

Modified on Tue, 25 Jun, 2024 at 3:10 AM

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How to Initiate an Endorsement

	Quick Links	On the Home page, hover over the Transaction icon and select Endorsement.
	Transaction	Locate the transaction & from its Actions, choose Endorse.
	Policy Transaction level	Select Menu, then Endorse.
	Transaction wizard	When applicable, the wizard includes the Endorse Policy option in the What's Next button of the Summary page

 NOTE: When initiating via option 1, you will be prompted to enter an existing client name. From there, a list of the client's current transactions will be displayed. Using the list, choose the transaction you wish to endorse.

Endorsement Wizard

The following pages of the Endorsement Wizard have their own articles discussing each page in detail. Select the respective links to learn about each page:

Features specific to an Endorsement are the following:

Endorsement Reason page
Invoice Premiums page - Once Off Premium Charge and Show Annual Premium

Endorsement Reason

This page is used as an internal reference to note the reason for the endorsement.

Once the Endorsement is complete, you'll see the Endorsement Reason noted on the following:

Client level
Policy level
Policy Transaction level

Invoice Premiums

This page will have 2 additional features:

One Off Premium Charge - choosing this feature specifies that this transaction's premiums will only apply to this period and will NOT be included in the estimated future annual premium calculation. Sample scenarios are:

Short-terming or extending a policy period.
Adding a contract vehicle expiring before or at the end of the policy.
Increasing the limit of indemnity from $1M to $2M for one week for a specific contract, then reverting to $1M.
Marine Cargo Monthly Declaration Policies, where there is no annual premium, but a series of monthly invoices based on monthly sending.

Show Annual Premium - This ONLY displays for Manual policies and enables the Future Annual Premium (FAP) feature. Key features include:

FAP is the insurer’s full-year quoted premium for the risk. Assuming no increase at policy renewal, the FAP is the annual premium for which the policy will renew, taking into account pro-rata increases or decreases for extra or refund premiums.
FAP is only used for pro-rata calculations and Endorsements. It is not a Year-to-date amount nor a cumulative sum of all the individual transactions charged throughout the year.
FAP uses the Base Premium and any related charges. Broker Fees and Commission are not calculated or included.
FAP calculations will take into account leap years.