Once you have set reserves, BriteCore automatically calculates the total amount of reserves. As you make payments, BriteCore automatically calculates the amount paid toward the loss. These totals are viewable in the Summary section of the Overview box.
To review the accounting summary, open the desired claim and:
- Select Accounting in the Claims menu.
- Navigate to and select the Overview collapsible box. The Overview box will open. The Summary appears near the top of the Overview box.
Figure 1: View of the Summary in the Overview box.
Understanding the Summary
The Summary provides a high-level overview of the Accounting section of a claim. When you add coverages to a claim, you identify the coverages for which reserves will need to be set. The available reserves for all coverages are totaled and populate the Remaining Reserve field. The payments made are totaled and populate the Losses Paid field.
- Total Incurred is the sum of Loss and Expense. Total Incurred isn’t the net incurred and doesn’t reflect the Recovery total, which is the sum of reinsurance incurred, subrogation incurred, and salvage incurred.
- Loss is the sum of the remaining Loss Reserve and the Paid to Date total for Loss.
- Expense is the sum of the remaining Adjusting Reserve, the remaining Legal Reserve and the Paid to Date total for Adjusting, and the Paid to Date total for Legal.
- Remaining Reserve is the Total Incurred minus Losses Paid.
- Losses Paid is the sum of each coverage’s Paid to Date subtotal, or the Total Incurred minus the Remaining Reserve.