Claim Funding - Letter of Credit

Some markets require a security in form of for example a Letter of Credit, Outstanding Cash Advance, or Loss Reserve Deposits for all outstanding claims. The provision itself is recorded on the Business' Deposit Condition (DP) on sub-tab Loss. It may also be of interest to capture the amounts required per loss on the claim itself, and SICS allows you to maintain this information in the Funding Properties section found on the sub-tab Claim Figures. The fields are only enabled when the Business Condition has been recorded.

Add Claim Funding #

When the condition is recorded on the business, you can at any time add new funding items on the claim. Funding items can be created for any currency.

1. Open the Claim Figures tab.
2. Select Add Funding from menu in the Funding Properties section.
3. Enter the funding details.
4. Click Save.
5. Repeat steps 1 - 3 for all currencies.

Edit an existing Claim Funding #

If you have recorded some of the funding information incorrectly, you can at any time edit the existing items.

1. Open the Claim Figures tab.
2. Select Edit Funding from menu in Funding Properties section.
3. Enter the updated funding details.
4. Click Save.

View Claim Funding Development #

It is sometimes of interest to see how a Funding has developed through time, and the various movement types. SICS enables you to view this history for each claim since each funding item is associated with a date.