Introduction
Product Settings - Binders tab allows you to manage list of binders that are used in MGA (Managing General Agent) business.
Pre-requisites
In order to access carrier settings, users should have “Manage product settings” permission and go to the cogwheel on the right side, and choose the menu “Product settings”, then select tab BINDERS.
BINDERS
Actions on Binders
Actions | Description |
|---|---|
 | Clicking this button opens the Edit popup for a particular record. Users can make amendment to any fields. |
 | Clicking this button to trigger the record deletion. Once confirmed, the record is deleted.  |
Create a new Binder
To create a new binder, you need to provide the following binder information:
Fields | Description |
|---|---|
Turn on multiple layers | Turn on/ off the layers of the product premium. See https://contemi.atlassian.net/wiki/spaces/SHC/pages/1999175681/Binders#Layers-of-binders-definition |
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. |
Layers of binders definition
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
The new form is opened when you add a new layer to the binder. You can add up to 5 layers per binder.
Fields | Description |
|---|---|
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. |
Commission (%) | Capturing the maximum commission percentage that the coverholder can receive as stated in the agreement. |
Limit to (amount) | The maximum sum insured one layer can contain. If the product sum insured is larger than the limitation of the layer, then the exceed will be contained in the next layer. |
Add a new layer
Open the Product Settings page
Create a new binder or Edit a current binder
Turn on the option multiple layers as in the image below
Click on the + button on the Layer section
Fill in all the fields in the form. You can choose the current carrier on the Select Carrier field, or fill in new carrier information on all the fields. Note! The limit to value must be different than the current layers' value.
After finishing the form, click on the Save button the create your new layer
Edit a layer
Open the Product Settings page
Create a new binder or Edit a current binder
Click on the edit (pencil) button on the layer that you want to change. Note! The limit to value must be different than the current layers' value.
Change the information on the form
After finishing the form, click on the Save button the update your layer
Remove a new layer
Open the Product Settings page
Create a new binder or Edit a current binder
Click on the remove button on the layer that you want to remove
Click on the Yes button to confirm your action
Remove the layer successfully