You can add reinsurance contracts in the Reinsurance screen of the Claims module. Reinsurance contracts must be attached to a BriteCore contact. You can add a reinsurer in the Contacts module; see Add a reinsurer. You can also add a reinsurer while adding a reinsurance contract. When you add reinsurance contracts, you can select to add a contract to a claim in the Information screen of a claim.
To add a reinsurance contract:
- Select Components from the Claims menu.
- Select Reinsurance from the Components dropdown list.
- Select Add a Contract +. A blank reinsurance contract will populate.
Figure 1: Blank reinsurance contract that opens after selecting the Add a Contract button.
- In the Contract ID box, type the contract ID.
- In the Contract Description box, type the contract description.
- From the Reinsurance Type dropdown list, select the type of reinsurance contract you're adding.
- In the Losses Incurred Threshold box, type the threshold limit for the insurance company.
Note: This box will appear only when you select Per Risk XL from the Reinsurance Type dropdown list.
- In the Name of Reinsurance Company box, type the name of the reinsurance company. One of the following will happen:
- As you type, if the name you're typing matches an existing Britecore contact that is a reinsurer, the name will populate in a dropdown list below the Name of Reinsurance Company box. Select the correct name from the dropdown list.
- When you're finished typing the contact name, press Enter/Return on your keyboard. If the name matches an existing BriteCore contact, the Did You Know? dialog box will open with a matching list of names. Select the correct name from the list. If you can't find the name that matches, select Create New Contact. See Complete New Contact dialog box for an organization.
- When you're finished entering the contact, press Enter/Return on your keyboard. If the contact doesn't exist in BriteCore, the New Contact dialog box will open. See Complete New Contact dialog box for an organization.
- In the Factor Ceded box, type the factor the insurance company is ceding to the named reinsurance company.
- To add an additional reinsurance company to the contract, select + Add Another Reinsurance Company. Repeat steps 8 and 9. If you're not adding an additional reinsurance company, continue to step 11.
- Select one of the following radio buttons:
- Single Retention for All Coverages
- Separate Retentions for Property and Liability
- From the Existing Contract Terms dropdown list, which will appear beneath the radio button you select, choose the term for this contract. Move to step 15. If you can't locate the correct term, continue to step 13.
- Select + Add a New Term. The Term dialog box will open.
- Enter the start and end dates in the Start Date and End Date boxes, using the MM/DD/YYYY format. Select Done when you're finished.
- In the Retention box(es), type the amount of the retention.
Note: If you select the Separate Retentions for Property and Liability radio button, the retention amount is separated into property retention and liability retention, so the Property Retention box and the Liability Retention box will appear.
- In the Set as default for these Policy Types: section, select the checkboxes that correspond to the policy types you want to set the reinsurance contract for.
- BriteCore automatically saves the information you enter into the reinsurance contract.