Cyber, agriculture, pet, trade credit and surety

This guide covers cyber, agriculture with parametric triggers, pet, trade credit and surety.

Cyber

Lines > Security assessments > New assessment records the customer's answers on multi-factor sign-in, backups, endpoint protection, patching, training and other controls. Each answer carries points; the score gives a grade from A to E and a loading (or discount) that is added to the premium of the quote it is linked to. Some gaps, such as no offline backups, are listed as reasons to decline.

On a cyber claim:

• Send a vendor appoints forensics, a breach coach, a notification call centre or public relations, with their rate and cap.
• Add a cost records each cost by category. Costs above the sub-limits set on the product are marked as not covered, and Against the sub-limits shows what is payable by category.

Agriculture and parametric cover

Parametric cover pays from an index, without a loss adjuster.

• Lines > Weather stations keeps the stations; Import readings loads a CSV of daily rainfall and temperature.
• Lines > Parametric triggers sets, for a product, the index (total rainfall, hot days, strongest wind...), the window in the season, the trigger and exit values, and the payout.
• On the quote, the Farms tab takes each farm with its crop, area, weather station and sum insured.

When a window closes, each farm on an active policy is checked: if the index passed the trigger, a claim is created and approved, and paid automatically when the product says so. The payout grows from the trigger to the exit value. Evaluate now runs the check on demand.

Pet

On a pet product, Rules for this line sets the waiting periods for accidents and illness, longer waits for some conditions, and loadings by age and breed. The Pets tab on the quote takes each animal, and Vet history its earlier visits. On issue, conditions from before cover are listed for review: Review conditions excludes them, covers them, or covers them after a date. A vet claim checks the waiting periods and the conditions excluded.

Trade credit

On a trade credit policy, Ask for a limit names a buyer and the credit wanted. Decide the limit grants all, part or none of it (Lines > Credit limits shows them all). Declare overdue records an unpaid invoice from a buyer; after the waiting period, Claim the default opens a claim for the insured share of what is owed, up to the limit. Money recovered later is shared with the insured in the same proportions.

Surety bonds

A surety policy is a facility: the most the company will guarantee for a principal.

• Lines > Obligees lists who the bonds are given to.
• Lines > Indemnity agreements records the counter-guarantees signed by the principal and indemnitors. No bond is issued without one.
• New bond on the facility (or Lines > Bonds) takes the obligee, the type (bid, performance, advance payment, maintenance...), the amount and expiry. Issue checks the facility has room and prints the bond.
• Release frees the facility when the obligee returns the bond. Collateral records cash or guarantees held.
• Bond called records a demand from the obligee and opens a claim for it, which is approved and paid like any claim. Recovered from principal records what the principal (or the collateral) paid back.

Bonds near their expiry are listed each day.