Properly processing endorsements plays an important role in reducing complications during the renewal process as well as reducing potential Errors and Omission situations.
Endorsements are received from the carrier via e-mail or by mail and transferred to AE’s Et In-Box. AE attaches end’t to the proper policy in TAM:
Attach endorsement to a Q-BR activity using proper ET Filing Procedure.
- Provide billing instructions:
- Put total amount including taxes & fees in Amount Box
- Provide detailed billing instructions in Note Box if invoice has not been attached to ET
- NOTE: If we are responsible for Surplus Lines Tax, include needed billing info in Note Box
Endorsement is checked against following items:
- Endorsement request to carrier – to ensure coverages received are the same as coverages requested
- Application in TAM– to ensure system is updated with all details including class code, rates, new forms etc.
When checking an endorsement, the following items must be verified for accuracy:
- Effective date of endorsement
- Premium
- Named insured
- Policy number
- Carrier (issuing company)
- Coverages including limits, deductibles, exposure basis, etc.
- Change in forms (revision, addition or deletion). Confirm that the agent and insured copy of the endorsement includes a copy of the revised or new form.
Steps to follow:
- Close out open activity (Q-CS) or (SE-1) that is pending receipt of endorsement from the carrier
- Check endorsement
- Confirm TAM is updated
- Request any necessary corrections to endorsement
- E-mail or send to insured with cover letter
- Use Form Letter (ATTACH/ADD/LETTERS/FORMLETTERS/Endorsement Encl. AP or RP)
