Modify, Endorse or Edit An Existing Insurance Policy

User: Broker

If you need to modify an insurance policy as you are:

Adding a new asset to the insurance policy
Removing an asset from the insurance policy
Endorsing additional cover

1. Select the Insurance policy you want to modify

Make sure you are on the correct client organisation > insurance > insurance policies

2. Press Modify Policy

In the top right hand corner select the button - this will put the policy into draft modification status

3. Add the reason for the policy adjustment

Is there an additional premium, a refund or no premium changes.
If there is a premium change add the amount and this will auto calculate the new nett premium
You will also need to add a comment as to why the change - as this will create a quick snapshot for the insurer and your broker team to keep track of policy modifications - example 'Acquiring an asset, Springler Street QLD'

This will take you into the insurance policy set up workflow where you can amend as necessary the policy information

4. Add or remove any assets

Click on assign assets. A pop up will open to add or remove an asset. You will need to make sure the asset has been added to the portfolio and live before it will appear in the list.

5. Assign Insurers

It's important to note the assign insurers section is where two things are required (*)

The policy modification document for the broker closing for each insurer is to be uploaded so it is kept on file for each insurer
If this is a split rated or XOL policy you will need to make any manual changes to the insurer values such as a capacity share % and premium amount if applicable.

6. Submit to insurers to close the policy

Once all the relevant updates to the policy is made, you will need to submit to the insurer and have them review and close the policy.

It will look like this for the insurer.

Once the insurers have all accepted - this will put the policy into LIVE status.

Policy Closing for Insurers

Add A New Insurance Policy

Where Do I Upload the Certificate of Insurance Documents

Need help, email our team at hello@visionrecap.com