Add recovery payment from exposure file’s Accounting screen

When a loss occurs, the total loss amount can be reduced if loss recoveries are made through subrogation, salvage, or reinsurance. Before you can add a recovery payment, you must set the Expected Recovery amount.

When a recovery payment is received for an exposure, the payment information can be documented and tracked by creating a recovery receipt within the Exposure Accounting Summary screen. To add a recovery payment and create a recovery receipt, reserves must first be set. See Set expected recovery. The recovery payment amount can’t exceed the remaining reserve amount. 

Complete the Recovery receipt dialog box

To add a recovery payment and create a recovery receipt, access the desired exposure, go to the exposure file’s Accounting screen, and: 

  1. Select Recovery to open the recovery view of the Exposure Accounting Summary screen.
  2. Navigate to the Actions column of the Recovery Category that you’re adding the recovery receipt to.
  3. Select Add Recovery. The Recovery receipt: <Recovery Category> dialog box will display.
  4. In the Payor box, type the name of the party that issued the payment. As you type, a list of parties associated with the claim will populate. Select the correct payor from the list.
  5. In the Street Address box, review the address that appears in the box. The address is pulled from the preferred address of the selected payor. If necessary, you can edit the Street Address box.
  6. In the Additional Street Address box, you can add additional address information.
  7. In the Zip box, review the ZIP code that appears in the box. The ZIP is pulled from the preferred address of the selected payor. If necessary, you can edit the Zip box. Updating the Zip box will also update the associated city and state.
  8. In the City box, review the city that appears in the box. The city is associated with the ZIP code.
  9. In the State box, review the state abbreviation that appears in the box. The state is associated with the ZIP code.
  10. From the Reserve Category dropdown list, ensure the correct reserve category is displayed. The reserve category associated with the selected Add Recovery link will be the option that displays in the Reserve Category dropdown list. If you selected Add Recovery for the wrong reserve category, you can change it by selecting the correct reserve category from the dropdown list.
  11. From the Transaction Code dropdown list, ensure the correct transaction code is displayed. The Transaction Code dropdown list is automatically populated with the appropriate transaction code based on the selected reserve category. If the wrong transaction code is displayed, you will need to select a different option from the Reserve Category dropdown list, if applicable.
  12. From the Payment Method dropdown list, select the type of payment method used for the recovery payment.
  13. In the Received Date box, use the date picker to select the date the payment was received, or type the date the payment was received.
  14. In the Current Reserve box, the current reserve amount will display. You can’t add a recovery payment that exceeds the current reserve. If the payment you received exceeds the current reserve, you will need to edit the expected recovery. You can’t edit this box.
  15. In the Amount box, type the amount of payment received.
  16. In the Comments box, type any additional comments you want to make about this payment. Comments entered will appear in the Comments column of the Transactions table for that transaction.
  17. When you have finished entering information, select Save Recovery Receipt.