Claims and Headlines

If the Claim is part of a major market loss, or an event that is potentially recoverable under your own protections, you can link all occurrences of the claim in a Headline Loss. The option to create the link to a Headline Loss is only enabled for Individual and Interlocking Claims.

The link to Headline Loss can for some businesses be mandatory, if your System Administrator has activated this functionality.

Assign a Claim to a Headline Loss #

1. Find and open the individual or interlocking claim you want to link to a Headline Loss.
2. Open Claim Properties.
3. In the Assignment section select Assign to Headline Loss from the pop-up menu

The system opens the Find Headline Loss window, with default extract criteria taken from the claim. (See description below.) 4. Select the Headline loss you want to link your claim to, and transfer back (If required you can create a New Headline Loss - for further details refer to Create Headline Loss.).

The default extract criteria are as follows:

• Complete Date of Loss: When the date of loss is complete the extract criteria is Loss Period Includes - with the date of loss in the date field.
• Partial Date of Loss: When the date of loss is partial the date extract criteria are From Date Between/And - with the two dates giving the maximum time span. Example a partial loss date of 1999 will extract 01/01/99 - 31/12/99.
• Claim Trigger Date Only: If a Claim Trigger Date has been recorded on the claim the extract criteria is Loss Period Includes -with the Claim Trigger Date as the only date.
• Claim Trigger Date and Partial Date of Loss: The date extract criteria is From Date Between/And, and the date fields include both Claim Trigger Date and the partial loss date. The period extracted depends on the Claim Trigger Code. For example a Claim Trigger Date of 10/10/99 and a partial loss date of 10/99 will for a “Claims Made” contract retrieve losses between 01/10/99 and 10/10/99. The same dates for a “Begin of Construction” contract retrieve Headlines between 10/10/99 and 31/10/99. For further details about loss dates and claim trigger dates, refer to Loss Date validations in this chapter.
• Claim Trigger Date and Complete Date of Loss: The date extract criteria are Loss Period Includes with both dates included in the two date fields.
• Location: The system retrieves all Headlines with a location equal to the claim’s location, and Headlines with a Location that includes the claim’s location and Headlines with no location defined. The exact location extract criteria is sometimes not displayed in the Find Headline Loss window, this will be the case when the claim’s location is a city or a state or state group. Note that the system will not retrieve a Headline loss with location Northern Europe (Area Group) when the claim’s location is for example Scandinavia (another Area Group). The reason is that it is not possible to indicate that one Area Group is part of another Area Group. Note! The headline loss link will be displayed once per headline loss reference type.

Delete Link to Headline #

If you no longer want to maintain the relationship between the Claim and the Headline Loss the link can be deleted manually or via Web services.

1. Find and open the claim you want to remove from the Headline loss.
2. Open the Claim properties window.
3. Select the Headline Loss in the Assignment section and select Delete Link from the pop-up menu.

Delete Link Validations #

If you select to delete a link to a Headline Loss, the system validates the following:

• Co-insurance check box: When the co-insurance check box on claim properties Heading section is selected, the Headline Loss assignment cannot be removed.
• System Parameter Headline Loss Assignment and Incurred Claim: If the Incurred Claim exceeds the amount defined in System Parameters, and the Claim has status Closed, the Headline Loss link is required. In this case you cannot remove the link to the Headline unless the Claim has status Open.

Replace Link to Headline #

If the link to a Headline Loss is mandatory the Delete option is not available. In that case you need to replace the existing link with another one.

1. Find and open the claim properties
2. Select Replace Headline Loss link. The system opens the Find Headline Loss window with default search criteria.
3. Find the Headline which you want to link your claim to, and transfer back.

If you are using the Event IBNR functionality, and your claim is linked to any Event Groups, the link between the claim and the Event Group is also removed. You should therefore also assign the claim to a new Event Group which is valid for the new Headline Loss. The changes will impact the subsequent IBNR calculation.