Renewal

The Renewal rules implement business logic around policy renewal. A policy renewal takes place before the policy period ends, on an active policy. A policy renewal continues the insurance for another time period. It can include changes to the following:

  • Coverage
  • Form update
  • Industry or class code
  • Underwriting company

It is not possible to use policy renewal to reinstate a canceled policy.)

Renewal AutoUpdate

The Renewal AutoUpdate rule set triggers during creation of a Renewal job. You can use this rule set to perform any automatic changes to policy data that need to take place during a renewal.

In the following example, the rule updates building limits for all buildings on a BOP policy line renewal.

CONDITION (policyPeriod : entity.PolicyPeriod):
return policyPeriod.BOPLineExists

ACTION (policyPeriod : entity.PolicyPeriod, actions : gw.Rules.Action):
for (bld in policyPeriod.BOPLine.BOPLocations*.Buildings) {
  if (bld.BOPBuildingCov != null) {
    var increase = bld.BOPBuildingCov.BOPBldgAnnualIncreaseTerm.Value
    if (increase != 0) {
      bld.BOPBuildingCov.BOPBldgLimTerm.Value = 
            bld.BOPBuildingCov.BOPBldgLimTerm.Value * (1 + (increase/100))
      if (bld.BOPPersonalPropCov != null) {
        bld.BOPPersonalPropCov.BOPBPPBldgLimTerm.Value = 
              bld.BOPPersonalPropCov.BOPBPPBldgLimTerm.Value * (1 + (increase/100))
      }
    }
  }
}