Storage

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 not sure what is meant by tracking email correspondence.
• 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.