We need to establish the financial reporting type, which specifies how financial values are reported through this Bordereau questionnaire. The selection will be automatically applied during processing.

The financial reporting type identifies how financial values are reported in updates to the original reporting of risks. A single financial reporting type needs to be selected for premium values, and another for all other financial values such as limits, values and deductibles.

Transactional

Transactional financial values report the financial movement. We can see in the below table how, for a single risk, the Endorsements in February and March are reported as the change from the original New entry in January. Tide then imports each of these records and calculates the Current Position of the risk.

Restatement (In-Force)

Restatement financial values (often referred to as ‘In-Force’) report the new financial position. We can see in the below table how, for a single risk, the Endorsements in February and March are reported as the new position. Tide then imports each of these records and calculates the Current Position of the risk. During processing, Tide will look up the Current Position of the risk, calculate the difference, and create a transactional entry which equals the movement. This means that all entries in Tide are recorded and presented as transactional movements, even if they were reported as Restatement in the Bordereau.