In Tide, you are able to capture a variety of deductions and taxes - either from your bordereau or, at the Section level, within the Contract itself.

Within the Contract, you are able to specify deductions within the Deductions sub-tab within a Section. In a Risk, Premium or Risk & Premium questionnaire, you can capture deductions and taxes in the Deductions & taxes step.

Within the Questionnaire, you have the option to supply aggregate (or total) deduction and tax financial information before being presented with the option to create individual deductions or taxes.

Within the Contract, you are required to supply a specific amount or percentage for each deduction as you do not have the option to supply a bordereau column here.

From a data output perspective, deductions and taxes operate in pairs of core fields: amount and percentage. If you supply one, the other will be calculated by Tide and thus, both amount and percentage fields will always be populated after approving a bordereau. The exception to this is Administration Fee, Property Fee, Valuation Fee and Medical fee – these are all restricted to only being captured as amounts.

With taxes and generic deductions (i.e. not commission, brokerage or producing brokerage), you have the ability to specify whether these are to be utilised in financial calculations during processing and, for deductions specifically, you can also specify which premium level they are to be ‘applied against’ and ‘deducted from’.

The premium level a deduction is applied against is the premium against which the percentage applies. E.g., a 5% deduction could either be applied against Gross Premium or Net Premium to Broker.

The premium level a deduction is deducted from is the premium from which the deduction amount will be subtracted. E.g. a £50 deduction is to be deducted from Gross Premium or Net Premium to Broker.