We don't normally have clients that fall in this category - however - we have one account that was written by an agent that is no longer employed here. This policy is being cancelled and we want to be sure we are doing it correctly.
The scenerio is:
Parent company has policy with all child policies as named insureds.
A billing screen was set up for each child policy for certificate purposes as some certs were required in the name of that entitiy. Policies under each entity in order to do certs.
One entity has an additional Polution Liab policy - which applies to that entity only.
We are thinking for cancellation:
Policies under Parent will be put in history. Billing screen updated with canx status
Policy under Child for Pol Liab will be put in history.
All child policies billing screens will be updated with canx status. Not pushing policies (same as parent) into history.
Is this the way this setup is done? or are we missing any steps or thought processes about how to hand the child policies? Logically it seems the above should be correct...but since we don't do this - we may be missing something.
Thanks.
Haven't done this in a while, but I believe when you change the parent policy status to CAN, you'll get a popup asking of you want to make the change to all the child accounts. Here you would say yes. This will cancel the same policy shown on all the Child accounts at the same time.
I would leave the policies on each account, not moving to history, until all transactions have been finalized. If your standard procedure is to move policies to history when cancelled, then I would do that with all the accounts, Parent & Child.
The child with the pollution policy will still have that stand-alone policy showing active which you'll have to cancel separately.
Does this answer your question?
Ok....so we should move the child pols to history also? even though it's the same policies as on the Parent file (other than the polutions policy which will need to go into history)?
Yes, I would. Why would you want cancelled policies sitting on the child accounts? (Unless you keep all cancelled policies on the active list)
/d