Munich Re Inland Flood Coverage setup – Extra

Munich Re has a personal lines policy endorsement, Munich Re Inland Flood Coverage, for insurance companies who want to help their policyholders manage their flood risk more economically. BriteCore’s policy management system integrates with Munich Re Inland Flood Coverage for personal lines including Homeowners and Dwelling Fire.

General setup

To complete the Munich Re Inland Flood Coverage general setup:

  1. Contact Munich Re
  2. Complete paperwork
  3. Munich Re will provide
    • API Key
    • Username

BriteCore setup

Vendor Setup

To set up Munich Re Inland Flood Coverage:

  1. Navigate to Settings > Vendors
  2. Select Munich Re
  3. Select the Edit icon beside Munich Re

Set up the Munich Re InDepth API

Munich Re InDepth API is used by Munich Re to determine eligibility for the coverage based on risk location.

To set up the Munich Re InDepth API:

  1. Choose Test or Production
  2. Enter the API Key provided by Munich Re
  3. Create credentials
  4. Select Register
  5. To test connectivity, next to Token, select Refresh

Create your coverage item(s) in Lines

Create any items in BriteCore lines that will represent the inland flood coverage and specify them with system tags.

Note: Full instructions for set up are provided on the screen it is suggested that you open various tabs for set up so you may easily refer to the instructions on the main page.

Set up the Munich Re Inland Flood coverage line item

To set up the Munich Re Inland Flood coverage line item:

  1. Navigate to Lines
  2. Select an Effective Date
  3. Select Select a State or Province
  4. Select the Edit Icon next to the desired Policy Type
  5. Under Primary Exposures, select the Add Line Items icon

    Note: Munich Re coverage can also be added within a Sub Line.

  6. Input Line Item NameExample: Inland Flood Coverage
  7. Type a Line Item Description
  8. Next to System Tags, select Edit
  9. Refer to Step 3 on the Vendor screen for information on the format for the product tagExamples: IFC|(Your Munich Re Contract Number)|(Your Commission Percentage)%
  10. Select Done
  11. When the tag is set, create your Line Item

    Note: See Set Up Line Items for additional information.

  12. Under Setup, select Coverage under Type
  13. Select Line item has a limit and Line item has a rate and/or deductible
  14. Select Display on Declaration as and select the desired location to show the item on the Declaration (edit format, if desired)
  15. Select Show in Builder: BriteCore & BriteQuote to allow agents to write this coverage on new quotes.
  16. Navigate to Rating
  17. Add two additional objects to the Rate Chain:
    1. Deductible
    2. Evaluation
  18. Select the arrow next to Limit to expand
  19. Select Limit is chosen by the user from a fixed list in the Source drop-down menu
  20. Input a Limit Option(s)

    Note: Select Plus next to Add Limit Option to add more limits. Specific limit options will be determined based on your contract.

    Example: Limit Set Up.

  21. Select the arrow next to Deductible to expand
  22. Select Independant Deductible, if necessary
  23. Enter a Deductible Amount(s)
  24. Select the arrow next to Evaluation to expand
  25. Refer to the Step 2 (see image below) on the vendor setup page for information on providing a list of Deductible, Limit, and Flood Risk Score combinations along with the Associated Premium for each combination.

25. Select Save and Exit

Note: Refer to Step 3 on the vendor setup page and reload to view your tagged item(s) along with the values (see image below).

BriteCore processing

New quote and policy setup

To set up a new quote or policy for BriteCore processing:

  1. Create a New Quote or select a Policy
  2. Input Risk Address and all other necessary information
  3. In the Builder tab, Risk Addresses that are eligible, display Location is eligible for Inland Flood Coverage
  4. Select Select to add!

    Note: You can also add coverage by selecting the Add Line Items to Property icon and selecting coverage from the Select Line Items screen

  5. Select a Limit from the dropdown menu
  6. Select a Deductible from the dropdown menu
  7. Select Rate and Save

Non-Eligible Risk Address

If Inland Flood Coverage has been applied to a policy and the Risk Address must be updated to an area that is not eligible for this coverage type, the coverage will automatically be removed from the list of Primary Exposures. In the Builder tab, you’ll notice the message: In 100 Year Flood Plain – Not eligible for Inland Flood Coverage. Coverage has been removed.

Note: No option to add Inland Flood Coverage is available in the instance above.

Configure Inland Flood Endorsement required fields for Declaration display

Administrators can configure Inland Flood Endorsement required fields for Declaration display.

To configure Inland Flood Endorsement required fields:

  1. Navigate to Lines > Effective Date
  2. Select the Inland Flood Coverage Line Item
  3. Select the edit icon next to System Tags
  4. Select the box next to Underwriting Rules
  5. Select Done

Add Rate Chain categories

  1. Navigate to Rating within the Inland Flood Coverage Line Item
  2. Add the Rate Object Categories to the Rate Chain
  3. Select the edit icon next to Rate Categories
  4. Select Add a Category and add the following:
    • Basement Personal Property Sub-Limit Per Occurrence
    • Basement Personal Property Sub-Limit Annual Aggregate
    • Loss of Use Sub-Limit Per Occurrence
    • Loss of Use Sub-Limit Annual Aggregate
    • Mold Annual Aggregate Limit
  5. Select one of the objects as the Standard (in this example, the Basement Personal Property Sub-Limit Per Occurrence is the Standard, others can be Mapped off of it)

You can see the options you should add listed in the image below:

Sample Standard category setup:

Quick Tips

  • Add rows by using hot keys: Control + Enter (Windows) and Command + Return (Mac)
  • Delete rows by using hot keys: Control + Delete (Windows) and Command + Delete (Mac)
  • Add all values to the Set To column when setting up, all values will reflect in the Current column when you select Done.

Sample Mapped category setup:

Navigate to Underwriting Rules, add rules to set the standard category value based on Limit:

5k/10k options map one-to-one to the standard category:

If adding a single value (eg 5000) for a Limit trigger, you must enter a comma after it when filling out the field. When you select out of the field the comma will disappear, but if you don’t add that comma (eg “5000,” vs just “5000”) then when you go to save the rule it will throw an error.

15k rule includes the primary limit options 15, 20, and 25 thousand – any will set to 15,000. While the overall coverage limit can go up to $25,000, the sub-limits cap at $15,000: