Loss Dates, Trigger Dates, Original Policy Period Dates

Loss Dates, Trigger Dates, Original Policy Period Dates

The Claim Basis defined on the Claim Condition determines how losses shall be validated against the Insured Period. In SICS the validation of claims against the Insured Period considers the following:

  • Claim Basis
  • Extended Reporting Period Date
  • Loss Portfolio Condition
  • Insured Period
  • Date of Loss From
  • Claim Trigger Date
  • Original Policy Period (OPP)From
  • Parameter “Do Not Validate OPP for Losses Occurring”

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Define Dates of Loss, Trigger Date, and Original Policy Period #

  1. Open the Claim Properties window.
  2. Click the Edit button in the Heading Information section and select Edit Claim Properties.
  3. Define the date of loss from and to dates. See tables below for validations.
  4. Define the OPP From and To dates (available for Individual Claims only).
  5. Define claim trigger code and claim trigger date (on Individual Claims) or the Claims Made date (Various and Interlocking claims), if required.
  6. If the date of loss/ claim trigger date is preliminary, select the DOL/CTD Preliminary checkbox. The dates are highlighted.
  7. Click OK.

Note: The Claim Trigger Code “None” is valid for both Losses Occurring and Risks Attaching. The validation of the claim therefore depends on other factors:

  1. If Date of Loss is within the Insured Period; and the OPP start date is within the Insured Period, the claim is valid.
  2. If the date of loss is outside the insured period, the system checks the OPP start date: If this is within the Insured Period, and if the claim is within the OPP the claim is valid (applying a Risks Attaching validation)
  3. If the Date of Loss is outside the Insured Period, but within the OPP, but the OPP is also outside the Insured Period, the system checks if there is a Loss Portfolio condition defined. If there is, the claim is valid.
  4. If the Parameter “Do Not Validate OPP for Losses Occurring” is activated, and Claim Basis is defined as Losses Occurring, the OPP is not validated, but the loss date must be within Insured Period. (The OPP may be prior, or after - and only warnings are raised.)

Validations - Non- Proportional Treaty #

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All available Claim Trigger Codes are available for selection regardless of the Claim Basis defined on Claim Condition (C). If claim basis has been defined as mandatory, the value “None” is not sufficient (on Claim Condition).

Validations - Proportional Treaty #

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All available Claim Trigger Codes are available for selection regardless of the Claim Basis defined on Claim Condition (C). If claim basis has been defined as mandatory, the value “None” is not sufficient.

Validations - Facultative and Direct Business #

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For both Facultative and Direct business you can define multiple Claim Basis on the Claim Condition. It is however not possible to edit the Claim Trigger derived from the Claim Basis. If claim basis has been defined as mandatory, the value “None” is not sufficient.

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Field description 5. - Loss Dates
Field Description Location
Date of Loss From The start date of the loss occurrence.

Value: Any date complete or partial - DD/MM/YYYY or MM/YYYY, or YYYY.

Mandatory: Yes, unless Claim Trigger Date is mandatory.

Validations: See tables above. Must also be within the Insured Period if Cession Basis on Administration Condition (A) is defined as Clean Cut. Must be equal or greater than the Retroactive Date defined on Claim Condition. Must be within the Claim program Period if claim is linked to a Claim program. Must be within the Headline Loss Period if claim is linked to Headline loss. For Interlocking and Individual claims it must be prior or equal to today’s date, and less or equal to Date of Loss To.

Functional impact: Amendment control, Headline Loss assignment, Non-Proportional recovery		 Claim Properties Heading Section
Date of Loss To The end date of the loss occurrence.

Value: Complete date - DD/MM/YYYY

Default: Same as complete Date of Loss From, or end of period if Date of Loss is Partial, or the complete Claim Trigger Date.

Mandatory: No

Validations: Must be equal or later than the Date of Loss From, and within the Headline Loss Period if claim is linked to Headline Loss. For Individual and Interlocking Claims it must be equal or prior to today’s date.		 Claim Properties Heading Section
DOL/CTD Preliminary Indicator that the registered Date of Loss and Claim Trigger Date are preliminary.

Value: Selected/cleared

Default: Cleared

Mandatory: No

Functional impact: None

Claim Properties Heading Section		  
Claims Made

(only enabled on Various and Interlocking Claims)

 The date used for validating the claim against the Insured Period.

Value: Complete Date - DD/MM/YYYY

Mandatory: Only for Claim Basis Claims Made.

Validations: Must be within the Insured Period.

Functional impact: Worksheet validations and Amendment control		 Claim Properties Heading Section
Claims Trigger

(Individual claim only)		 A description of the date that determines whether the Claim is recoverable under the business.

Value: For Non-Proportional Treaties all Trigger Codes can be defined. For other business, the available codes are dependent on the defined Claim Basis. Available values are None, Begin of Construction, Causation, Claims Made, Awards Made, Manifestation, Notified to Insurer, Notified to Reinsurer.

Default: Claim Basis defined if only one, otherwise None. See table above.

Mandatory: See table above

Functional impact: None		 Claim Properties Heading Section
Claims Trigger Date

(Individual claim only)		 The Date the Claim Trigger code refers to, For example the Claim Made date. Available only when a Claim Trigger other than None has been specified.

Value: Any date within the Insured Period. For Claims made when Extended Reporting Periode date has been recorded: Any date within Insured start date and ERP date.

Mandatory: See table above.

Functional impact: Amendment control		 Claim Properties Heading Section
Additional Code

(Individual claim only)		 An additional claim triggers description.

Values: Begin of Construction, Causation, Claims Made, Awards Made, Manifestation, Notified to Reinsurer, Notified to Insurer, Underwriting Year.

Default: Underwriting Year when Cession Basis has been defined as Underwriting Year on Administration Condition, otherwise None.

Mandatory: Only when Cession Basis is Underwriting Year.

Validations: No

Functional impact: None		 Claim Properties Heading Section
Additional Date

(Individual claim only)		 The date connected to the Additional Code field.

Values: Any date DD/MM/YYYY, or year YYYY when Underwriting Year has been defined as Additional Code.

Default: Underwriting Year when Underwriting Year has been defined as Additional Code. (Output field only.)

Mandatory: If Additional Code has been defined.

Validations: No

Functional impact: None		 Claim Properties Heading Section
Original Policy Period From The start date of the policy written by the cedent from which the claim is originating.

Value: Date DD/MM/YYYY.

Default: After Date on Claim condition or Insured Period Start Date.

Mandatory: Yes

Validations: Must be less than Prior date defined on Claim Condition when Claim Basis is LO/RA Prior, and greater or equal to After date on Claim Condition when Claim Basis is LO/RA After. Must be less or equal to Original Policy Period To date.

Functional impact: Loss date validations and Amendment control.		 Claim Properties - Original Policy Period section
Original Policy Period To The end date of the policy written by the cedent from which the claim is originating.

Value: Date DD/MM/YYYY.

Default: Original Policy Period From date+ number of days in Insured Period.

Mandatory: Yes - when Original Policy Period To is recorded.

Validations: Must be equal or greater than Original Policy Period From date.

Functional impact: None.		 Claim Properties - Original Policy Period section