When completing a Premium or Risk & Premium Bordereau Questionnaire, you will need to complete the Settlement Financials step.
The previous Financials step covers the premium fields in Premium (Original) Currency which relate to payments by the insured. This step covers the Tide fields that relate to settlement payments from the Coverholder to the broker, and from the broker to the insurer(s).
Coverholder Settlement Fields
These questions relate to the following fields in Tide:
- Coverholder Settlement Currency
- Coverholder Settlement Currency RoE
- Net Premium (Coverholder Settlement Currency)
You are first asked if the currency the coverholder settles in, varies from the Premium (Original) Currency. If you answer No, then Tide will apply the following defaults to these fields:
- Coverholder Settlement Currency - will be defaulted to the Premium Currency
- Coverholder Settlement Currency RoE - will be defaulted to 1
- Net Premium (Coverholder Settlement Currency) - will be defaulted to the same value as in Net Premium (Premium Currency)
If you answer Yes, then Tide will ask you questions to assign Bordereau columns to these fields.
Broker Settlement Fields
These questions relate to the following fields in Tide:
- Broker Settlement Currency
- Broker Settlement Currency RoE
- Brokerage (Broker Settlement Currency)
- Final Net Premium (Broker Settlement Currency)
You are first asked if the currency the broker settles in, varies from the Coverholder Settlement Currency. If you answer No, then Tide will apply the following defaults to these fields:
- Broker Settlement Currency - will be defaulted to the Coverholder Settlement Currency
- Broker Settlement Currency RoE - will be defaulted to the Coverholder Settlement Currency RoE
- Brokerage (Broker Settlement Currency) - will be the Brokerage (Premium Currency) divided by the Broker Settlement Currency RoE
- Final Net Premium (Broker Settlement Currency) - will be the Final Net Premium (Premium Currency divided by the Broker Settlement Currency RoE)
If you answer Yes, then Tide will ask you questions to assign Bordereau columns to these fields.