There are certain core financial fields that are crucial to effective financial reporting. Where these fields are not provided in the Bordereau, then, where possible, Tide automatically calculates these fields using other provided fields. These fields are detailed within the Financials and Deductions steps of the Risk and Premium Bordereau Questionnaires.
The table below sets out each field, and how Tide's automatic calculation of the field operates.
Field | Calculation |
Gross Premium Including Tax | The calculation of the Gross Premium Including Tax field. This will be completed by adding together Tax and Gross Premium. |
Net Premium | If possible, this will be completed by deducting the following fields from Gross Premium: Coverholder Commission, Producing Brokerage, and Other Fees. If Gross Premium is not populated, then it will be calculated by summing together Final Net Premium and Brokerage. |
Coverholder Commission | If possible, this will be completed by multiplying Gross Premium by Coverholder Commission Percentage. If one of those fields are not populated, then it will be calculated by deducting Net Premium from Gross Premium. |
Coverholder Commission Percent | This will be derived by using the Coverholder Commission Amount and Gross Premium fields. |
Producing Brokerage | This will be derived by using the Producing Brokerage Percent and Gross Premium fields. |
Producing Brokerage Percent | This will be derived by using the Producing Brokerage and Gross Premium fields. |
Brokerage | This will be derived from the Brokerage Percentage and Gross Premium fields. |
Brokerage Percent | This will be derived from the Brokerage and Gross Premium fields. |
Final Net Premium | This will be completed by deducting Brokerage from Net Premium. |