Creating an Endorsement for a Pro-rated Premium from the Administration tab of a Policy
- Producers [/ Underwriters]
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
- Navigate to a policy and select the Endorsements tab.
- 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.
- 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.
- Select the Coverage(s) tab (for example, General Liability). The name of this tab is dynamic based on the coverage selected for the policy.
- 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.
- 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.
- Click Add to add the pro-rated premium line item.
- 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.
- After the premium details are entered, the return taxes and fees are automatically calculated, if applicable.
- Review the totals below your invoice line item, then click Save Endorsement at the bottom of the page.
- Edit, issue, or delete the endorsement.