Creating a New Policy

The first step is to define the basics of the policy.  The policy can then be completed, one section or screen at a time, in later steps.

Why would I create a new policy?

To record coverage, charges, exposures and losses in the system and, allow assureds to record transactions against the policy, such as shipments, storage declarations, or claims.

Before Getting Started

  • You are assigned the Edit Policy security right.
  • You belong to a system licensee’s organization and you are logged in to your own website.
  • The policy’s owner company has at least one partner company associated to it – for instance a co-licensee or proprietary broker or insurer (entered in the Administration section).
  • The policy owner’s company has access to at least one product (Company Product Premium Type entered via Administration).

Steps

  1. From the main menu click Policy Setup. The system displays the Policy Search screen.

  2. Click Create. The Profile screen is displayed.

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

  3. Select the policy’s Owner Company. This is the either the broker or insurer office of record.

    Note: You must select the Owner Company first because it determines the available values for the required dropdown on this screen.

  4. Complete, at minimum, all of the required fields. Fields marked with a red asterisk * are required. For details on individual fields, see the Appendix 1: Field Definition By Screen section.
  5. Click Save.

Result

The system confirms the policy has been created, sets the policy’s status to Incomplete and populates the policy header and Policy Information widget with the policy’s key details. The system enables the Definition option in the side menu in order to move on to the next step in the policy setup workflow.