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Home > Application Support SOP's > Digital Workbenches > Contract Workbench > Property: Change Replacement Cost and/or Actual Cash Value
Property: Change Replacement Cost and/or Actual Cash Value
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To change the Building Coverage - Year or Valuation follow the steps below:

 

  1. Retrieve the Quote or Policy
    • Locate and open the Quote/Policy in the system.
    • If Policy is already active then begin Endorsement to process change
  2. Access Property tab 
    • Navigate to Coverages section, click the “Building Coverage” button if needed
  3. Select the Building
    • On the left-hand side, select the building number.
    • Scroll to the “Building Coverage” section (first tab at the bottom). 

4. Update Valuation

  • In the Valuation dropdown, choose "Replacement Cost" or “Actual Cash Value (ACV)”.

5. Update Building Update Years as needed

6. Recalculate Premium

  • Click the “Calculate Premium for Building Coverage” button.

7. Generate the Updated Quote/Premium

  • If account is in Quote status - Scroll to the bottom and click the “Generate Quote” link to finalize the updates.
  • If accoun is in Bind status - Scoll to the bottom and click the "Generate Quote" link, then Regenerate the Binder details by selecting the "Convert to Binder" and "View Binder" links
  • If policy is already issued - then scroll to Endorsement module and select Calculate Premium, followed by the Preview Endorsement button and Complete/Issue Endorsement to finalize the change

 

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