The Transaction Type field in Tide is available for both Risk and Risk & Premium Bordereau Types. This field indicates what type of entry a Risk is. The options are:

• New
• Renewal
• Endorsement
• Cancellation
• Reinstatement

A risk will first be reported as New or Renewal. Subsequent reporting can be an Endorsement or Cancellation. If a risk is cancelled, then it may be subsequently be reported as a Reinstatement, which reverses the cancellation. 

Tide completes Life-cycle Validation Checks‍ to ensure risks of different Transaction Types are being reported in an appropriate sequence, and if they are not, then an error is raised during Transformation.

Transaction Type Not Supplied 

It is preferable that a Transaction Type is supplied so reporting is clear and the life-cycle checks can be completed. 

However, if a Transaction Type is not supplied, then Tide will ascertain it based on the reporting of risks. This occurs differently depending on the Financial Reporting Types selected. 

If either (Premium or Limits and Others) of the Financial Reporting Types selected are Transactional, then:

• If it is the first time a Risk (including Sub-Risk Identifier if provided), then Tide will assign a Transaction Type of New.
• If it is a subsequent reporting of a Risk (including Sub-Risk Identifier if provided), then Tide will assign a Transaction Type of Endorsement.

If both Financial Reporting Types selected are Restatement, then:

• If it is the first time a Risk (including Sub-Risk Identifier if provided), then Tide will assign a Transaction Type of New.
• If it is a subsequent reporting of a Risk (including Sub-Risk Identifier if provided), then Tide will first assess if there has been any change to the risk (this could be a change to any field). If there has been no change, then the entry will be discarded. If there has been a change the Tide will assign a Transaction Type of Endorsement.