Policy Deductible

When the non-proportional policy/business allows for a specific deductible for the claim (not included in the excess), this can be recorded on the Policy Deductible tab. The Policy Deductible will be considered in the FGU Calculation, and will be deducted from the FGU Advisory Amounts prior to the distribution.

Example:

Limit: 200,000 xs 125,000
Claim: 175,000
PD:25,000
Loss to layer:175,000 less 25,000 less 125, 000 = 25,000

Create New Policy Deductible #

When you have been informed that there is a Policy Deductible, or that the Policy Deductible Amount has changed, you can create a new Policy Deductible.

1. Open the Claim you want to create a PD for.
2. Click the FGU tab.
3. Open the Policy Deductible sub-tab of FGU.
4. Select New from the Menu button.
5. Specify the advice date.
6. Specify the policy deductible amount, expressed in main currency only.
7. Add the policy deductible remarks.
8. Click OK.

Edit Existing Policy Deductible #

It is possible to edit existing Policy Deductible (PD) items provided they have not been applied in an FGU booking. (That means that an FGU Distribution has taken place, and the worksheet has been created.)

1. Open the Claim you want to edit the PD for.
2. Click the FGU tab.
3. Click the Policy Deductible sub-tab of FGU.
4. Select Edit from the Menu button.
5. Change the Policy Deductible details as required.
6. Click OK.

View Development of Policy Deductible #

Since each Policy Deductible item is associated with an Advice date, you can easily view the development of the Policy Deductible for the claim by using the arrows.