Storage & Warehouse Declarations

Genoa’s Shipment and Storage Servicing module significantly reduces reporting time and administrative costs with real-time updates and automatic alerts for clients and insurance providers. Consolidated data simplifies risk management and loss control.

Highlight:

• Automatic coverage validation and premium calculation.

Functionality includes:

• Complete online management tool for storage, shipment & turnover declarations.
• All-inclusive workflow management for referrals, modifications & cancellations with detailed audit trails for reporting
• Comprehensive rating engine incorporating multiple dimensions including the insured interest, the packing method, the coverage option selected, the shipping points, the insured value, and the conveyance.
• Automatic coverage validation against policy conditions and premium calculations.
• Automatic exchange rate conversions.
• Automatic calculation and storage of additional war premiums.
• Standard and customized additional vessel penalty scales are supported and integrated with the vessel database for validation and calculation of appropriate penalties.
• Automatic calculations of taxes and charges as applicable in each policy.
• Document and report issuance in PDF or Excel formats.
• Data validation against policy restrictions during the recording of shipment and storage data by assured (e.g. vessel age, tonnage, classification, conveyance limit, unapproved commodity).
• Genoa informs the assured of a problem with the shipment and storage data when a restriction is violated. It then generates an automatic referral notice by email to the underwriter and/or broker associated with the policy. (These referrals are displayed on the status screen of the underwriter and broker immediately upon login).
• Email notifications sent for adjustments made to premiums and insuring conditions for shipments and storage only if it went into referral , an extranet user could change a booked shipment and no notification is sent as well as for approvals or rejections of coverage for a shipment.
• Facilitates the generation and tracking of email correspondence, notes and follow-up reminders related to individual shipments in order to facilitate communication.
• U.S. OFAC restricted party screening.
• Detailed audit trail maintained on all changes and cancellations of shipments and storage data, tracking the date and source of all changes not on storage.

Please contact us to find out more about our storage/warehouse declarations module.