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
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.