Producers can add several types of endorsements in BindHQ through the Endorsements tab in Policies
Last Updated: January 2021
This article explains the types of endorsements supported by BindHQ.
When creating an endorsement [See Article 'Creating an Endorsement'], BindHQ provides the users with the following types of endorsement types:
- Additional Insured
- Additional Premium
- Audit Return Premium
- Backfill Data
- Broker Fee
- Earned Premium
- Non Premium
- Policy Extension
- Return Premium
- currently, these endorsement types are provided for informational purposes only - there is no business logic that relies on the input.
- the information that is entered by the user in the 'Description' field will be replicated on the PDF created when the Endorsement field is issued
- from an accounting perspective, there are only 3 outcomes when an endorsement is created:
- Additional Premium - the Insured owes more money for additional coverage
Non Premium - there is no change
Return Premium - the MGA needs to refund or credit the Insured
4. For out of sequence endorsements, a user can't change a value in an out of sequence endorsement if that value has been changed in a future endorsement.
5. For the Audit endorsement, an endorsement premium can be added manually as a line item on the "Invoice" screen for programs outside of the Owsy General Liability program. For the Owsy General Liability program, an endorsement premium can also be added manually on the "Invoice" screen. However, if any exposures are changed at the time when the Audit endorsement is entered, then the premium is automatically calculated and added as a read-only item on the "Invoice" screen. While a producer cannot edit the automatically calculated premium, he or she can manually enter an additional premium line item.
The user controls these outcomes by correctly entering the change in position, as shown in Step 4 of Creating an Endorsement article. Depending on the user inputs in this stage, once the endorsement is issued, the applicable invoice or return invoice is generated alongside the endorsement.