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Sterling has a joint venture with The Hyde Group to write insurance policies for our mutual clients. Below is a refresher of how to code policies in our EPIC system for the various types of policies that are written by the joint venture, SterlingHyde. This may not be relevant to everyone right now but it may be relevant to you in the future so please retain this email for future reference and it will be posted on STRIVE. Most transactions under the SterlingHyde joint venture are transacted in the CONSTRUCTION department so those in the Construction department, please pay particular attention to the below.

 

P&C or Benefits produced by SterlingHyde but Placed by Sterling

All Personal Lines, Commercial Lines, and Group Benefits policies produced under our SterlingHyde joint venture should have the following producer code on the policy line and in all billings done from those policy lines:

STEHYD – SterlingHyde Group

This producer code has default commission structures set up under it for Personal Lines (67%), Commercial Lines (66%), and Group Benefits (62%). Depending on the type of policy being billed, select the appropriate commission structure. Please ensure all billings for policies produced under the SterlingHyde joint venture has this producer code with the applicable commission rate. These policies should continue to be billed under Agency 101 in EPIC and with the appropriate department (i.e. PER, CLL, BEN, etc.). There should not be any other producers on these policies (i.e. no internal Sterling producers).

 

Surety Business Produced by Sterling but Placed By SterlingHyde

All Surety Bond policies produced under our SterlingHyde joint venture should be coded as follows:

  1. As Direct Bill policies,
  2. On Agency 101 (SterlingRisk Agency),
  3. With PPE of “HYDEAGE-01” (The Hyde Agency),
  4. If there is an internal Sterling producer on the client being billed, the Sterling producer should be on the policy line at the Sterling producer’s regular P&C commission rate, and
  5. Producer Code STEHYD (Sterling Hyde Group) as producer on the policy line at a commission rate of 100% less any Sterling producer’s commission rate utilized in #4 above.

Please ensure you are following the above instructions as laid out. If you have any questions please feel free to contact me or Carlo and we will be happy to assist or answer any questions you have.