Creating a Storage Declaration

Why would I create a new storage declaration?

To declare the values being held in storage locations to ensure coverage.

Before Getting Started

  • You are assigned the Create Storage Declaration security right.
  • You are logged into the Extranet.
  • You search for a policy with a Confirmed status.
  • The selected policy’s Definition is configured with the following question checked off: 'Are assureds reporting Storage declarations?'.

Note: To ensure the policy you selected is configured properly for reporting storage declarations, refer to Configuring a Policy for Reporting Storage Declarations (in the User Guide - Policy Setup).

Steps

  1. Click the Create New Storage Declaration link in the Policy Transactions widget on the right hand side of the screen below the Policy Information widget. The system displays the Storage Declaration screen.

    Note that users can switch between policies from within the create new storage declaration screen without returning to the search page. For details on switching between policies, see the Switching Between Policies section.

  2. Complete, at minimum, the required fields. Fields marked with a red asterisk * are required.

    Note: The fields you are required to complete in order to create a new storage declaration can vary based on the related policy’s customization and configuration. Some required fields are described below.

    Primary Assured Select the Primary Assured assigned to the policy.
    Bill To Party Select the Bill To Party specified on the policy.
    Declaration Month Select the month of the storage declaration.
    Declaration Year Enter the year of the storage declaration.
    Storage Country Select the country the storage location is in. The drop-down lists all active countries available in the system.
    Location Name Select the Location Name based on the selection in the Location Type.
    Insured Value Enter the Insured Value.
  3. Click Verify Coverage once you have provided all of the required details. The system compares the details you provided to the  associated policy’s setup.

Results

The declaration is insurable:

  • The system displays the insuring conditions along with any generated premiums, taxes and fees, depending on your security rights and whether the related policy is rated.
  • The system locks the storage declaration details displaying all values as read-only.
  • You can then either book the declaration or edit the declaration if you have to change any details before booking it.

Or the declaration generates a referral:

  • The system displays one or more referral reasons.
  • The system locks the declaration details displaying all values as read-only.
  • You can then either submit the referral for review or edit the declaration if you can change any details and verify coverage again.