Creating an Endorsement for a Pro-rated Premium

Creating an Endorsement for a Pro-rated Premium from the Administration tab of a Policy

Applies to:

  • Producers [/ Underwriters]
  • Assistants
Last Updated: January 2021

This article explains how to create an Endorsement for a Pro-rated Premium from the Administration tab of a Policy

Creating an Endorsement for a Pro-rated Premium

  1. Navigate to a policy and select the Endorsements tab.
  2. On the left, click Add Endorsement.

    Note: Endorsement 0 is auto-generated when the policy is bound. You must issue this endorsement before you can add a new one.

    The Endorsement pop-up opens.

  3. Fill in the fields to populate the endorsement document, then click Continue to Editor.

    Note: The text in the Description field is pulled into the endorsement document.

  4. Select the Coverage(s) tab (for example, General Liability). The name of this tab is dynamic based on the coverage selected for the policy.
  5. In the Classification section, fill in the Premium field with the new annual premium.

    The pro-rated premium is automatically calculated in the Summary section. If the premium is a return premium, the pro-rated value is negative.

  6. On the left, select the Invoice tab and scroll to the Fees and Taxes section.
    The Pro Rata Factor and new premium details (including the pro-rated premium) display.
  7. Click Add to add the pro-rated premium line item.
  8. Ensure the first drop-down is set to Premium and the second drop-down is set to the correct LOB, then add the pro-rated premium in the text box on the right.
    Note: For return premiums, use a negative sign (-) when entering the premium.
  9. After the premium details are entered, the return taxes and fees are automatically calculated, if applicable.

  10. Review the totals below your invoice line item, then click Save Endorsement at the bottom of the page.
  11. Edit, issue, or delete the endorsement.