In order to increase efficiency and decrease repetitive data entry, bound policies can be renewed. A new term is prepared according to the settings in the Master Cover, and the renewal goes through the same review and approval processes as a new submission (including quoting, referrals, and bind requests, as necessary).
A renewal can be initiated from any bound policy or endorsement.
•When initiating a renewal, much of the policy information is copied into a renewal submission form. The renewal submission has the status Renewal - Incomplete and is handled very similarly to a new submission.
•The existing policy number may be kept, or a new policy number may be generated, depending on settings in the master cover. To generate a new policy number when the settings call for the existing number to be kept, the Copy feature can be used on the original policy to generate a new submission.
•The Effective Date defaults to the day after the Valid Until date of the source policy, but can be changed. The Valid Until date of the renewal is determined by the defaults set in the Master Cover.
•The Client information is copied from the source policy or endorsement at the time that the renewal is initiated, and does not include any changes that may have been made to the client information outside of the source policy.
•Notes, attachments, and any generated documentation are not copied to the renewal. The Policy Transactions list is also cleared, as the renewal stands as its own distinct version of the policy. The source policy is kept intact in the Policy Transactions list, along with the history and all notes, attachments, and documentation.
•Only one renewal can be created for any single source policy. If a user attempts to create a second renewal from a policy that already has a renewal, an error message is displayed and the renewal is not created. A renewal can be created from a renewal, with the Effective Coverage Period reflecting the next period after the source renewal.
•Cancelled policies cannot be renewed. For this reason, a renewal cannot be initiated if a cancellation is in process on the source policy, regardless of the status of the cancellation. Similarly, a cancellation cannot be initiated on the source policy if a renewal exists.