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Setting up Insurance Rates (#SYSSETINSRT01)

Last updated:   Applies to:   In industries:   Of versions:   Special contents:
20151012 (Andy)   Pro, MultiUser, MultiSite, MultiView   Self Storage EditionMarina EditionVault Edition   9.3.2 (and higher)   n/a

What is the Insurance Rates system used for?

The Insurance Rates system allows you to setup pre-defined rates for blocks of insurance at certain values of coverage. This means you no longer need to train staff on the different insurance values for certain amounts of coverage; StorMan will work it out for you.

The Insurance Rates system can work in two ways...

  • You can configure it to use a repeating value. For example: Charge $1 for every $1,000 worth of insurance coverage.
  • You can configure it to use varying values. For example: Charge $1 for $0 - $2,000 worth of insurance coverage, then $5 for $2,001 - $3,000 worth of insurance coverage (and so on).

 

How do I setup a Repeating Insurance Rates?

  1. Select Maintenance, then Insurance Rates.
  2. Click Add Insurance Rate.
  3. Set the Start value as $0.
  4. Set the End value as the maximum amount allowed per policy.
  5. Now enter a Premium amount (the amount that's charged for each block of $1000 - or whatever value you entered in Step 3).
  6. Finally, enable Repeat for every start/end value.
  7. Click OK and Done to save & close.

How do I setup a Varying Insurance Rates?

  1. Select Maintenance, then Insurance Rates.
  2. Click Add Insurance Rate.
  3. Set the Start value as $0.
  4. Set the End value as the maximum amount allowed per policy.
  5. Now enter a Premium amount (the amount that's charged for the above insurance block). For example: $10.
  6. Click OK. You have now created one block of insurance rates to charge. Repeat this process (from Step 2 onwards) to create your additional insurance blocks... For example: $1,001 - $2,000 at a Premium of $20, then another for $2,001 - $5,000 at a Premium of $30 (and so on), until you have designed your Varying Insurance Plan as desired.

 

How does this change the process of adding Insurance to Agreements?

When an Insurance Rate (of some kind) is setup, you will no longer be able to charge Insurance manually via the Other Regular Charges section of an Agreement (more on this tab: #AGTTAB101). Instead, the Insurance Rate information is set & charged automatically (based on your Insurance Rates) and comes from the coverage amount you set in the insurance section on the Access & Insrnc tab (more on this tab: #AGTTAB501).

 

 


 

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