Insurance - Setting Up a Policy

This article is part of the Insurance section.
This article explains how to set up a new Normal or Fixed insurance policy in the system.

Before you start, make sure you have your policy details available.
Setting up an Insurance Policy
- Navigate to the Insurance tab.
- Click Add in the bottom action bar to open the Add New Insurance Policy window.

- Enter details about your policy:

- Policy Number - This is an internal reference number. Your Policy Code from the Insurer can be entered in the Policy Code field.
- Insurance Type - Select Normal or Fixed.
- Policy Code - This is the policy number provided by the Insurance Company.
- Insurance Company - Enter the name of the Insurance Company.
- Policy Description - Enter a description of what the policy covers. This will help you distinguish between similar policies.
- Policy Email Address - Click the email icon to add an email address.
- Interest Rate & Commission - These fields are for information only. The interest and commission rates can be found on your policy documents.
- PL Account & Adjustments PL Account - Select which PL account to pay when running Insurance Charges or mid-term adjustments.
- Policy Renewal Date - This will be on the policy documents and will usually be an annual date.
- Charge Date Code - Select how often you will charge insurance to your clients.
- Charge Description - This is the description that will appear on client invoices.
- Next Charge Date - Select the next date to bill clients.
- VAT - This would usually be set to 0.00, however some Fixed policies do have VAT.
- Excess - Enter the excess amount from your policy documents.
- Valuation Uplift - For information only. This is an amount (%) to cover the uplift difference between the declared value and the Sum Insured.
- POL - Tick this box to indicate the policy covers Property Owners Liability.
- Broker Account & Claim Account - Select a PL account for your broker and claim accounts.

You can turn off the Broker Account and Claim Account dropdowns with the "Enable Insurance Policy Broker And Claim Account" System Setting.
Normal Insurance
If you have selected Normal as the Insurance Type, follow the steps below to add rates to your policy:
- At the bottom half of the screen is the Insurance Policy Rates section.
- Under Normal Rate Type, enter the current Insurance Premium Tax (IPT) rate in the Rate 1 column.

- If your insurance policy has additional rates, enter these into the other columns.
- In the lower table, you can set your Policy Rates. For example, a policy covering multiple developments might have different rates per development.
- To do this, enter a Description and then enter the rate as a decimal in the Building Rates column.

If enabled, the "Insurance Description Same As Rate" System Setting will automatically apply the rate as the Description.
- You can also add a Terrorism Rate if there is one listed in the policy.
- The system will calculate the Gross Rate using the information here, along with the Interest Rate set on the policy.
- If your policy states the Gross Rate, you can enter this first and the Building Rate will be automatically calculated instead.

The "Buildings Insurance Bill Interest" System Setting can be turned off if you do not want to include interest in the Gross rate.
- Once you have added your rates, click Save and Close, then OK to dismiss the confirmation pop-up.
Fixed Insurance
If you have selected Fixed as the Insurance Type, follow the steps below to add rates for your policy:
- Right click in the Insurance Policy Rates table under POL Rate Type and click Add Row.

- This will add a row with a dropdown of different Fixed Insurance Types to select from.
- Select a type from the dropdown, or add a new one by right-clicking again and selecting Add POL Rate Type.
- Click Add Row on the Fixed Insurance Types screen to add a new type.
- You can also access this screen by navigating to System - System Parameter - Fixed Insurance Types.

- Once you have added and selected your types, enter a rate in the Rate (£) field. This is the fixed annual amount that will be assigned to the property or apportion.
- If you need to remove a rate, click the Delete button.
- Once you have added your rates, click Save and Close, then OK to dismiss the confirmation pop-up.
Once you have set up a new policy, you are ready to assign it to a development or clients.
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