What is INSCODES

This is the maintenance of the support codes for a specialist  Calculation of Insurance Premium.

There are two main types of insurance – Marine and Chartering. Within these types there are sub-types. The premiums will be calculated per sub-type.

Insurance cost calculation to be enabled as a ‘right-click’ in TRADE. This is activated by S01 (ctrl30_insurancestyle=C).

The calculation will create costs for different types of Insurance.

For Marine Insurance to be enabled the Contract must be invoiced.

For Sellers or Barge insurance the Contract must be an invoiced sale.

For Buyers Insurance the Contract must be an invoiced purchase.

For Storage Insurance the Contract must be invoiced.

Once created the Insurance Premiums will be presented in TRADE/Costs as Contract Costs with the appropriate nominated code.

Codes Needed

Marine - Dept/Sub-type  and rates (cmy124)

Marine Overage - from year, to year and rate  (cmy125)

Voyage Charter - GRT from and To, rate for inc liab, rate for exc liab  (cmy126)

Time Charter - GRT from and To, rate. Also need min days and min GRT as control fields  (cmy127)

Insurance Limits - From to (age), max age, uplift percentage and max HM (Hull and Machinery value)  (cmy128)

VESSEL, need HM maintained.

The TRADE/Calculation

Buyers (part of marine on purchase)

Purchase must be invoiced.

Goods value and currency to default to invoice value; can override this value (insured amount)

For premium increase the value by markup and multiply by  rate for department/buyer cost combination

Display PI value, amount insured, markup, Goods value, rate.

Sellers (part of marine on sale)

Sale must be invoiced.

Goods value and currency to default to invoice value; can override this value (insured amount)

For premium increase the value by markup and multiply by  rate for department/buyer cost combination

Display PI value, amount insured, markup, Goods value, rate,

Marine (part of marine on sale)

Sale must be invoiced.

Goods value and currency to default to invoice value; can override this value (insured amount)

For premium increase the value by markup and multiply by rate for department/marine cost combination plus war rate.

Apply any applicable overage rate to this value. If Black Sea ticked then only 50% of overage is applied

If TakeOver ticked only 20% of standard premium is applied

If TakeOVer plus is ticked only 30% of standard premium is applied

Display SI value, amount insured, markup, Goods value, std rate,  std premium, overage rate and premium, country of port of   

discharge, war rate, war premium, total, premium.

Storage (part of marine on sale or purchase)

Sale or purchase must be invoiced

Goods value and currency to default to invoice value; can override this value (insured amount)

For premium increase the value by markup and multiply by rate for department/seller cost combination

Display SI value, amount insured, markup, Goods value, rate, premium, ccy.

Charterer’s insurance

Time or Voyage type

Include/exclude 3^rd party liability (voyage only)

Find premium from vessel grt and 3^rd party flag on voyage charter or just grt on time charter. Check whether values or percentage.

Voyage charter uplift will be applied based on age of vessel – check other criteria on table. If overage to be applied but other criteria not met need ‘refer to underwriters’ message.

Show charter type, liability, HM value, grt, year built, overage premium, standard premium, total premium.

Time charter is rate (USD per MT) x grt of vessel.

Voyage Charter is amount per vessel depending on grt.