Table of Contents
Example: Add Rate Class for Boiler & Machinery Coverage
Example: Add Rate Class for Boiler & Machinery
The following shows the process of adding a rate class for Boiler & Machinery coverage in Coverages when adding a new allocation.
- In Coverages, find the Boiler & Machinery coverage. Under the action menu, select Rates.
- Select Add Rate.
- Fill in the fields. Note that the asset type selected in the General section of this coverage is Other Exposures.
- Type in a Name.
- Select a Weighting Rate.
- Select a Divisor, which is usually either 1 or a multiple of 10. The divisor is the number that the total asset value will be divided by to compute the allocation. The purpose of the divisor is to provide more precision when creating the rate values and the resulting charges.
- Select an Exposure Type, since Other Exposures is the asset module being referenced. We have selected Boiler in this example.
- If you need to further define specific assets for the rate, fill out the Advanced Query.
- Select Save Coverage.
- Select Close Coverage.
Every coverage must have at least one rate class defined and included or the allocation amount will be $0.
If you selected Fixed Rate as the Program Type when adding the coverage, you will define dollar amounts that will serve as rates for each asset rate class. These amounts will be used to calculate the final charges. Note that with a Fixed Rate coverage, Quadra will not take the target allocation into account. Read more about selecting Fixed Rate or Full Distribution for Coverages.
View other examples:
Add Rate Class for Auto Coverage