Tide provides the ability to capture Aggregate Limits against one or many Contracts in a Contract Folder. Tide then automatically assesses the usage of these limits. Aggregate Limits are available for the United States of America and Canada.

Aggregate Limits are managed within the Aggregate Limits tab in Contracts. Here you can see the usage of the Aggregate Limit and the Any One Limit, as well as the date and time of the last assessment. Usage is provided both as a value and as a percentage of the limit.

Additional Location Cleansing

To ensure they can be correctly assessed, any submissions relating to these Countries (based on Risk Country), and where at least one Section of the Reporting Channel of the submission is associated with an Aggregate Limit, must have a valid Risk Postal/Zip Code provided. The Risk Postal/Zip Code provided is then used to validate that the Risk State and Risk County provided is correct, and if it is not, then it is overwritten with the correct value.

Creating Aggregate Limits

When creating a new Aggregate Limit, one or many Contract(s) from the Contract Folder, and one or many Section(s) may be selected per Contract to be assessed by the Aggregate Limit. Only Live Risks that relate to the Sections selected will be included in the usage assessments.

The Aggregate Limit is to be given a name and a Currency selected.

One or many Perils can be selected. At least one Peril must be applicable (based on the relevant Coverage Included (Y/N) field) for the Risk to be included in the usage assessments.

A value for the Utilisation Percent Flag is to be entered. Finally select whether Postal/Zip codes should be included within the area grid.

Aggregate Limit Area

The final part of creating an Aggregate Limit is to enter the Area of the limit. 

Define the relevant Country by selecting the button ‘+/- Country’. Selecting this will drop down the available countries below the button, the user can then select one. This Country will then be populated as the top row in the grid. Unless this Country is deleted, the ‘+/- Country’ button will be faded out.

The ‘+/- State’ button will now be to the right of the Country entry. Selecting the ‘+/- State’ button will offer the option to add the State on an ‘Inclusion’ basis or ‘Exclusion’ basis, once one of these are selected, the following options are given:

• If an Inclusion is selected, then there will be a ‘Populate default Aggregate Limit?’ question, with Yes/No options, defaulted to Yes. If selected as Yes, then the field ‘Default Aggregate Limit’ will be presented to enter a value. When saving the modal, then this value will be set as the default Limit for all area entries being saved. If selected as No, then a default Limit will not be applied and if a limit is required, then the User will need to go into each separate State.
• There will be a ‘Select All States’ question, with Yes/No options, defaulted to No. If Yes is selected, the State selection field will be removed from screen and any selections removed, and when saving then all available entries will be created in the area grid, unless already created. For example, if All States is selected, then entries will be created for all States. 
• The State selection field will be available if ‘No’ is selected against ‘Select All State. This will now be a multi-select drop down, so multiple entries can be created.

When each State is added, a ‘+/- County’ button will appear to the right of the given row (where Country selected is United States of America, else Tide will display the ‘+/- Postal/Zip Code button described below). Selecting this button will display a modal with similar options as offered when adding a State but this time applied to the creation of County-level limits.

When each County is added, a ‘+/- Postal/Zip Code’ button will appear to the right of the given row. Please note, Postal/Zip Codes can only be added if ‘Include Postal/Zip Code?’ has been answered ‘Yes’. Selecting the ‘+/- Postal/Zip Code’ button will display a modal offering options similar to those offered when adding a State or County except the User will not be able to ‘Select All Postal/Zip Codes’. Any Postal or Zip Codes must be individually selected from the multi-select drop down.

To delete an entry, select the bin icon. Any levels beneath the entry will also be deleted.

Aggregate Limit Area Presets

If appropriate you can select to apply one of the available Area Presets, which are maintained centrally for all users. These Presets are Areas that are used by the market often and so makes the entry process more efficient. To do so, select Apply Area Preset, and then select the required Preset. The Area grid is then populated with this Preset, which you can then edit if required. For the Apply Area Preset button to become active, you must populate the Country and Include Postal/Zip Code fields. You should be aware that answers provided for these fields determine which Presets are available for selection e.g. if an Aggregate Limit Preset including Zip Code has been created, you must select Yes to ‘Include Postal/Zip Code’ in order for the Preset to become available for selection.

When a limit is entered at each of the levels described above (State, County or Post/Zip Code), it will be displayed in the ‘Limit’ column of the Area grid. There will be an ‘Edit’ button to the left of the Limit value. The Edit button will allow the user to amend the Limit value and either Save or Cancel.

Aggregate Limit Assessment Triggers

Tide automatically assesses the current usage of the Aggregate Limit and Any One Limits. This assessment occurs based on one of the following events:

• When a relevant Bordereau reaches the Status of Approved or is Unapproved. 
• When an Aggregate Limit is created (after the Contract has a status of Signed)
• When an Aggregate Limit is updated (after the Contract has a status of Signed)

In addition, Aggregate Limits will be assessed daily at 01:00 GMT when both of the following conditions have been met:

• All Contract(s) included in the Aggregate Limit have expired.
• At least one Risk of the Contract(s) of the Aggregate Limit is active (where active means Today is prior to, or equal to, the Risk Expiry Date of the Risk). 

The Assessment Date Time column in the Aggregate Limit displays the latest date and time the Aggregate Limit was assessed.

Aggregate Limit Assessment 

To calculate the usage of the Aggregate Limit Tide first identifies which Risks should be included in the assessment. The following criteria is applied:

• Those Risks that are assigned to a Contract and Section of the Aggregate Limit.
• Those Risks that are within the Area of the Aggregate Limit. 
• Those Risks that are active at the time of the assessment; where active means Today is prior to, or equal to, the Risk Expiry Date of the Risk.
• Those Risks where at least one of the Coverages (Peril only Coverages) of the Aggregate Limit are recorded as ‘Yes’ against the relevant Coverage Included Y/N field (e.g. Windstorm Included (Y/N)). 
• The latest Transaction Type of the Risk is not ‘Cancelled’.

For those Risks that are included in the assessment, Tide will use one of the following values from the Current entry of each Risk, and sum together to form the Aggregate Limit Usage:

• The highest Coverage Limit (e.g. Windstorm Limit) of the relevant Coverages of the Risk, or if not provided, then,
• The Total Sums Insured of the Risk

If a value is not in the Currency of the Aggregate Limit, then it is converted to the Aggregate Limit Currency based on the Today’s date (the date the assessment is occurring).

The Aggregate Limit Usage Percentage is calculated as the percent of the Aggregate Limit Usage of the Aggregate Limit.

Aggregate Limit Utilisation

The Utilisation is displayed as percentage value within a button to the left of the grid. The Utilisation button will display the percentage value of the highest level of Utilisation of any limit within the Aggregate Limit. 

This button updates to Yellow where the Utilisation percentage is between the value set in the ‘Utilisation Percent Flag ’ field when creating the Aggregate Limit. The colour of the button will update to Red where the Utilisation percentage is above 100% of the Aggregate Limit.

Selecting the button will display the Aggregate Limit Utilisation Modal for the limit selected. The Assessment Date Time column in the Aggregate Utilisation modal displays the latest date and time the Aggregate Limit was assessed.