Enter Rates

In the Rates section under Coverages, you will establish rate classes that will define which assets will be counted and how they will be quantified for the allocation equation.  You will also have the option to weight different rate classes.

1. Select Add Rate. 
   
   
2. Fill in the fields:
   • Type in the Name.
   • Select a Weight. Adjusting the weights for the different rate classes will give you greater control over how the total allocation will be distributed since the weights serve as multipliers. 
   • 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 using a larger divisor is to provide more precision in creating the rate values and the resulting charges.  
   • Make additional selections for the rate according to the asset type selected in the General section of Coverages.
   • Use an Advanced Query to find a subset of assets that will be included in this particular rate class. This step is optional. 
3. Add additional rates as needed.
4. Select Save Coverage.
5. Select Close Coverage.
   
   
   Click Next to go to the Modifiers section.

Example: Add a Rate Class for Auto Coverage

This example is specific to auto coverage. 

For Vehicles, the program type selected is often Fixed Rate, meaning  dollar amounts serve as rates.

1. In Coverages, find the Vehicle coverage. Under the action menu, select Rates.
   
   
2. Select Add Rate.
3. Fill in the fields. Note that the asset type selected in the General section of this coverage is Vehicles.
   • Type in a Name.
   • Select a Weight.
   • Select a Divisor.
   • Select a Vehicle Rate Class.
   • Use the Advanced Query to find a subset of vehicles to be included in this rate class.
     
     In this example, we have selected vehicles with years 2020 and earlier.
4. Continue adding rate classes for specific types of vehicles as needed.
5. Select Save Coverage.
6. Select Close Coverage.