Appendix 1: Field Definition by Screen

Owner Company

Profile

Select company who will own the policy. This value determines which reference data from Company and Employees and Administration is available for policy setup.

Policy Name

Profile

The name used to identify the policy.

Endorsement/Renewal Description

Profile

If the policy is an endorsement or a renewal this field is available to describe the transaction.

Policy Number

Profile

A number used to identify the policy.

Effective Date

Profile

The date the policy will be in effect.

Valid Until Date

Profile

The date this policy version will expire.

Open & Continuous

Profile

Selecting this checkbox ensures users can book shipments after the policy’s expiry date. This only applies to shipments captured for issuing certificates and does not apply to shipment declarations.

Underwriting year

Profile

This year is typically the same year as the policy’s effective date.

Original Inception Date

Profile

The date the policy became part of your book of business even if the policy was not managed in the system then.

Product

Profile

The product that describes the policy. The product may not be changed once the policy has been created.

Policy Limit Currency

Profile

The currency that will be used to validate the policy limits defined. Additional currencies can be defined later in the policy setup workflow if required. This currency does not determine the billing party’s currencies or the currencies available for declaring insured value for shipments and storage declarations.

Policy Group

Profile

Associate the policy to a group that will enable you to grant users who would not otherwise have access to this policy, specific rights for the policy.

Policy Category

Profile

Used to group policies together for searches or reports.

Lead Insurer

Profile

The primary insurer underwriting the policy. If the policy’s owner company is an insurer, the system automatically sets it as the Lead Insurer.

If there are multiple insurers participating in the policy, after completing the policy’s Definition, you can capture the policy settings for all participating insurers on the Insurers screen.

Lead Broker

Profile

The primary broker underwriting the policy. If the policy’s owner company is a broker, the system automatically sets it as the Lead Broker.

If there are multiple brokers participating in the policy, after completing the policy’s Definition, you can capture the policy settings for all participating brokers on the Brokers screen.

Commission Percentage

Profile

The commission percentage the broker earns on the premium generated by the policy when there is only one broker and one insurer on the policy.

Use As Template

Profile

This option allows sections of the policy to be copied into new policies. There are scoping rules that determine which templates are available for copying from.

Issuing Office

Profile

Optional field. Defaults to the policy owner company. Select from all the active offices within the policy owner’s organization. This field is used for reporting purposes. Use this field to customize data that appears on a shipment certificate PDF if required.

Producing Office

Profile

Optional field. Defaults to the policy owner company. Select from all the active offices within the policy owner’s organization. This field is used for reporting purposes. Use this field to customize data that appears on a shipment certificate PDF if required.

Reporting Office

Profile

Optional field. Defaults to the policy owner company. Select from all the active offices within the policy owner’s organization. This field is used for reporting purposes. Use this field to customize data that appears on a shipment certificate PDF if required.

Distribution Channel

Profile

Optional field. Select a broker group associated to the policy. This list is populated from reference data defined by your organization in the Administration module. The Distribution Channel represents a broker group.  Broker Groups or Distribution Channels allows your organization to categorize brokers based on geography, type etc.

Oceanwide Reference Number

Profile

System-generated field/read-only. This is a unique identifier for the policy hierarchy. Every related policy record (endorsements and renewals) will share the same reference number.

Policy Transaction ID

Profile

System-generated field/read-only. Each policy, whether it is an original, an endorsement or a renewal has a Policy Transaction ID as a unique identifier.

Next Certificate Number

Profile

A Shipment Certificate Number is a thirteen digit number. The first seven digits are randomly generated and the last six digits are a sequenced counter of each shipment created for the policy. This is a quick way to determine how many shipments have been created for this policy since the policy’s system inception date. This counter is not reset with each renewal and endorsement.

Company

Insurer

The name of an insurer company associated to the policy.

Type

Insurer

This value is used to describe the type of insurer or the insurer’s role on the policy (e.g. First Lead, Secondary Lead, Insurance Company, etc.).

Reference Number

Insurer

Optional field.

Partner Type

Insurer

Information/Read-only. Indicates if the company attached to the policy is the policy owner, a Co-licensee or a proprietary partner.

Risk %

Insurer

Enter the risk percentage assumed by the insurer. This should be a number between 0 and 100.

Assigned Security Roles

Insurer

The security roles assigned to the company determine what that company’s users can or cannot access for the particular policy.

A security role includes one or more individual security rights. Each company associated to the policy can have zero to many security roles assigned. The list of available security roles is populated based on the security roles within the policy owner company’s administrative scope.

Company

Broker

The name of a broker company associated to the policy.

Type

Broker

This value is used to describe the type of broker or the broker’s role on the policy (e.g. Retail, Wholesale, etc.).

Reference Number

Broker

Optional field.

Partner Type

Broker

Information/Read-only. Indicates if the company attached to the policy is the policy owner, a co-licensee or a proprietary partner.

Commission

Broker

This reflects the commission rate the broker earns for that policy.

Deduct Commission from Invoiced Premium

Broker

Check this checkbox if the policy is configured as “Broker Bill” and uses the system’s billing module to generate invoices. When this box is checked, the system deducts the broker’s earned commission from the invoice’s amount due. Use this when the system’s invoices are billing the broker rather than the assured.

Assigned Security Roles

Broker

The security roles assigned to the company determine what that company’s users can or cannot access for the particular policy.

A security role includes one or more individual security rights. Each company associated to the policy can have zero to many security roles assigned. The list of available security roles is populated based on the security roles within the policy owner company’s administrative scope.