FACILITY

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FACILITY.PNG
Name Create New Declaration
Shortcut FACILITY
Area Policy

See the NOVUS Walkthrough Guide for general information about the system.


The FACILITY program enables the viewing of an existing facility and its associated policies in list format. Creating a facility requires the master contract and facility buttons to be selected in the RISKNEW program.

The option to specify a 6 character reference in the RISKNEW program is available if a generic number is less convenient than referring to a meaningful alpha reference.

In this type of risk the facility lead must be specified, to enable the facility to be displayed in the MART program of the attaching policy which will use this lead account code.


FACILITY.PNG


Double-clicking on any entries on the facilities tab will open up the breakdown tab for that facility.


FACILITY Breakdown.PNG


Column name Description
Lead Insurer The lead insurer code and name are displayed
Facility Currency The currency for the specified facility is displayed
Section: Policy Section
Type: Type code
Section Title: Policy section title
Max GWP (Agg): Maximum GWP (gross written premium).
GWP to Date: Gross written premium to date
Max SI (Agg): Maximum total SI (sums insured)
Max SI/Line: Maximum sums insured per line.
SI to Date: Sums insured to date.
Returned SI: Returned sums insured.


Clicking the policies button at the bottom of the facilities tab will display policies attached to the facility


FACILITY Attached policies.PNG


Column name Description
Facility Currency The currency for the specified facility is displayed
Policy Number List of individual policy numbers attached to the facility is displayed
Policy Year The currency for each specified policy attached to the facility is displayed
Sections: Policy section defined
Mapped to: Policy section mapped to another section
Policy Currency: The currency for the specified facility is displayed
(Column specific): Sums insured for each specific section in the facility


The limits per section must be specified in the RISKNEW program to enable the system to calculate residual capacity. Without these figures per section, the system will report the current figure to date.

The market, per section, must be set up with the default commission rates and the relevant written/signed lines. The client Line in the MART program should be set up as a client.

The attaching Policy is created either through the INDICT, QUOTENEW, QUOTEPOL, or RISKNEW programs as normal.

From the MART program ensure the client line is entered. If all or part of this risk is to be placed onto the master facility risk, enter the lead partner account code, state the role ".", and tab through the system to display any matching facilities for that lead and period.

Select from the f9 list of values, and enter the percentage (for all sections on the first pass), that is to be placed onto the facility.

NB: If this is not to access a facility, but to use the same account code, ignore this instruction and proceed as normal.

Once the facility has been selected either accept the default facility commission rates by leaving the comm in column blank or overtype with the new commission in amounts.

Upon commit the system will attempt to write matching sections against the selected facilities requested. If no master per section limits have been stated the system will assume the limits to be zero and thus will prompt appropriate warnings.


This monitors the premium and SI logged for a given account code and UMR (unique market reference), and currency. The currency on page 1 applies to the maxima of premium and SI entered on the first page (like RISK_HEAD).


Market Program

When wishing to select a facility in the MART program, the facility will only be offered where the following criteria are met:

a. where the carrier being entered is the lead carrier on the facility;

b. where the division on the risk is the same as the division on the facility;

c. where the inception date of the risk falls within the policy period of the facility;

d. where the risk currency has been set as included currency for the facility in BSCOPE.

Where the section types on the risk are not available on the facility, the written line will be set to zero and alternative capacity will need to be entered.


How to create a Facility

  1. Select the master contract and facility button options in the RISKNEW program.
  2. Define the facility lead using the drop-down list.
  3. Add applicable sections (using unique section types as detailed in the RISKNEW program.
  4. Configure the market using the MART program. Note when wishing to select a facility in the MART program, the facility will only be offered where the following criteria are met:
    1. where the carrier being entered is the lead carrier on the facility;
    2. where the division on the risk is the same as the division on the facility;
    3. where the inception date of the risk falls within the policy period of the facility;
    4. where the risk currency has been set as included currency for the Facility in the BSCOPE program.

Where the section types on the risk are not available on the facility, the written line will be set to zero and alternative capacity will need to be entered.

5. Click [COMMIT] or click the save button.


Version History

v 6.0.0 – Updated to the latest version
v4.2.0 – Updated to latest version

v2M - First version of this form to use the new style. No other updates except the restyle.