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Introduction
Product settings is the place to keep settings that are related to:
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Fields | Description |
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Turn on multiple layers | Turn on/ off the layers of the product premium. |
Unique Market Reference | The unique reference allocated to the binding authority contract by the Lloyd’s market. Must be provided and unique. |
From Date To Date | Effective date of the binder. Display as dd/mm/yyyy - dd/mm/yyyy |
Carrier:
| Capturing the insurer’s: name, address, postcode, city. If users select an existing carrier, the fields are auto-prefilled with the carrier’s information which have been setup in Carrier list. Users can edit the information and it’s only reflected in Binder list, the original carrier isn’t affected. The “Select carrier” function is optional. Users can input their own set of carrier info. The input doesn’t create any new record in Carrier list. |
Line of Business | Dropdown list incl. all predefined items, e.g. Motor/Property/Personal Accident. |
Section No. | The number of the section from the binding authority contract which authorizes this class of business to be written. |
Commission (%) | Capturing the maximum commission percentage that the coverholder can receive as stated in the agreement. |
Broker Commission (%) | Capturing commission percentage that being deducted for brokerage. |
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Layers of binders
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For some specific products, the sum insured must be split into different layers. Each layer can have different commissions and carriers. After turning on the layers, the binder fields will be different
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