How to Record Policies when Binding Authority is Removed

[Jill Liebler-Groom]

Good Morning,
We have a situation where one of our 5 branch locations had it's binding authority removed for one of our companies.  They have to submit apps for underwriting approval before the policy can be bound.

My question is about documentation in TAM.  Of course the policy needs to be added in TAM so activities can be recorded, etc.  But it's not bound so is it a "Pending" status?  What do you do?

Why recreate the wheel when I'm sure someone has dealt with this before.  Your input is appreciated.  Thanks...  and don't forget to vote! 

[Sherry Burrell]

In TAM, we used a PNW - Pending new business or PEN - Pending renewal status.  Once the policy was bound and received, we changed the status to NEW or REN.

[brinkerdana]

I've seen it done with policy status of BIND/PEND, etc. 

[Conan_Ward]

I'm also fairly certain that I've seen some offices just record that it's awaiting binding/underwriting directly in the policy # field in the case of at least new business (since until the company issues it, it wouldn't have an actual # to begin with). This would be an alternative if setting up additional statuses doesn't sound like something your office might want to set up.

[Jeff Zylstra]

I'm also fairly certain that I've seen some offices just record that it's awaiting binding/underwriting directly in the policy # field in the case of at least new business (since until the company issues it, it wouldn't have an actual # to begin with). This would be an alternative if setting up additional statuses doesn't sound like something your office might want to set up.

+1, Conan!  Nothing says "Danger Will Robinson!", like putting "UNBOUND" in the policy number field!