Policy Reporting
I Reporting Cut-off
A. Policies are to be reported by the 15th day of the second month following the month in which the transaction was closed. (Example: closing was April 10, policies must be reported by June 15).
B. Policies are to be reported each and every month.
C. Policies received by the 20th of the month will be entered in the Agency accounting system for that month.
II Payments
A. Remittance checks are to be made payable to the appropriate
CT&T underwriter (Chicago Title or Security Union).
B. Remittance checks are to be mailed with the reported policies.
C. PLEASE include your complete Agency ID Number on your check.
III Policy Reporting
There are three ways to report policies: (1) copy of policy; (2) Remittance
Voucher or computer underwriter report ; (3) computer diskette. Each
must include the following:
A. Name of agent. Please use the complete name. There may be another agent with the same or similar name.
B. Specific policy information as follows:
- Office File Number (your internal file number)
- Policy Jacket Number (please use the entire number
- i.e. 7610143-12345)
- Date of Policy
- Amount of Insurance
- Premium Amount (total premium, including endorsements, etc.)
- Rate Code(s) (list all applicable codes, including endorsement codes)
- County Code
- Property Type Code
C. VOID policies. We must receive the original jacket and inserts
before we can void a policy and issue a credit for the premium remittance.
D. CORRECTED policies. It is not necessary to forward any corrections,
unless the amount of premium reported is affected. Include concise explanations
with your report and group these policies in a separate batch and clearly
identify them as correction policies.
E. IN LIEU OF policies. Indicate on the re-issued policy that this
is in lieu of previous policy # and provide lost policy affidavit to ensure
a No
charge.
