Key features include:

• Maintain all outward contracts: excess of loss (X/L), proportional and miscellaneous, facultative or treaty.
• Maintain broker placement and security details including: direct reinsurers; agency arrangements; commuted reinsurers.
• Capture of:
  • All the processing rules for each contract including: accounts protected; periods covered; accounting frequency; clauses that affect how claims attach or recoveries are made, benefit rules, back-up arrangements.
  • Limits, including: deemed excess points, precautionary excess points, aggregate deductible and aggregate limit.
  • Claims presentation: date of loss; settlement; first advised.
  • Reinstatement and burning cost terms.
  • Commission/deduction calculation methods.
  • Profit commission including deficit clause.
  • Premium adjustment terms including: adjustment calculation methods (e.g. applicable premium income, percentage of exposed amounts); adjustment start and end dates; commission; profit commission.
  • Deposit premium, minimum premium and additional premium.