AIM Quoting a Submission

Liquid error: undefined method `name' for nil:NilClass

TABLE OF CONTENTS

The Quote tool is used to create a new or revised quotation. Each time a quote is issued, it appears under the Versions tab and is assigned a version letter. Quoting involves the Submission Entry - Quote Detail - Page 2 screen and the Document Processing window.

Before processing the quote in AIM, ensure the quote from the market and the edited quote to the agent are both in ImageRight.

Start the Quote

1. On the Main tab, select the submission to quote.

2. Under the Versions subtab, right-click on the version to be quoted and select Quote.

Submission Entry – Quote Detail – Pg.2

3. Select the market, risk company, and product from the dropdowns.

a. Mkt Co. – where the premium is sent

b. Risk Co. – name of carrier issuing the policy

c. Product – a behind the scenes combination of risk company and coverage; unless otherwise instructed, select a product labeled with only the coverage name

d. Form – only applicable if using the non-brokerage template

4.Enter the appropriate information under Terms.

a. Premium – term premium for the policy (Click

to open and edit the Premium Distribution)
b. Total Fees – total of taxable and nontaxable fees (Click

to open and edit the Fee Schedule)
c. TRIA Premium – indicates whether TRIA applies (Click

to open and edit TRIA)
d. Taxes – total of Surplus Lines taxes and fees applicable to non-admitted policies (Click

to open the Surplus Lines Tax Calculator. Refer to Multi-State Taxes if the NRRA box was selected in the Submission Entry)
e. MEP – minimum earned premium for the policy, if applicable
f. Coinsure – coinsurance percentage, if applicable
g. Deduct – select deductible or self-insured retentions, if applicable
h. Retro – retroactive date for the policy, if applicable
i. Eff. – effective date of the policy
j. Term – policy term
k. Exp. – expiration date of the policy

Note: To minimize the loss of revenue due to fluctuations in currency, the following guidelines should be followed:

Quoting, binding, and invoicing is only be done in US currency.
Every attempt should be made to get the carrier’s quote or binder in US currency.
If a carrier cannot provide a quote or binder in US currency, use a currency converter with a historical date feature such as https://www.oanda.com/currency/converter/. For new business and renewal premium, use the policy effective date. For endorsements, use the invoice date.
Teams should not be concerned with the currency conversion of incoming or outgoing funds.

5. Enter the Commission percentages.

a. Gross – gross agency commission percentage
b. Agent – portion of gross percentage going to the retail agent

6. Select options.

a. Direct Bill – policy will be direct billed
b. Indication – this feature is not supported
c. Taxed – policy is subject to Surplus Lines taxes; manually changing this field will prevent the user from moving forward with the quoting process
d. MultiOption – selecting this does not affect the quote template
e. Financed – selecting this does not affect the quote template
f. Renewal – quote is for a renewal
g. Brokerage – selecting Yes will result in a quotation summary, selecting No will result in a quotation confirmation displaying terms, conditions, and limitations entered on this screen

7. Information entered in the Limit and Deductible grid will not display on the quotation summary. If No was selected from the Brokerage dropdown, enter the limits, coverages, and deductibles. Coverages can be manually entered or selected from the dropdown. All fields are alphanumeric.

8. Continue entering applicable information. Only text entered in the Terms field will appear on the quote.

9. Click Quote to continue or Save to save changes and exit the quote process.

Validation Results

10. Read the validation results before clicking OK. Some validations are blocking and won’t allow the quote to be processed until certain data is entered.

Document Processing Window

11. In the Document Processing window,

Edit the template as needed. All applicable surplus lines forms are automatically added to the end of the document.
Edit the ImageRight document pane as needed.
If choosing not to send the template to the agent, click Discard Document.

Note: Review the Document Processing guide for more detailed explanations.

12. Save and Close to import the template into ImageRight and close the Document Processing screen.

Send to Agent

13. From ImageRight, combine the AIM quote with the edited market quote and email it to the agent.

Appendix

Premium Distribution

The Premium Distribution screen is used to break down premium by coverage or commission. Enter the Line of Business, Premium, Gross % commission, Agent % commission, and MEP. Click OK when finished.

Fee Schedule

Enter all fees in the Fee Schedule. Click OK when finished.

Reason – Select the fee from the dropdown. Any fee ending in -Carrier is paid to the market.
Amount – fee amount
Charging Party – populated automatically
Paid To – where the money is being sent
Tax – indicates whether the fee is subject to tax; applicable to non-admitted policies only; manually changing this field will prevent the user from moving forward with the quoting process

TRIA Premium

Select one from the dropdown: REJECTED, WAIVED, INCLUDED, APPLIES, or NOT APPLICABLE.
Enable the Manual field.
Enter the total TRIA Premium.
Enter the commission specific to TRIA, or enter 999 to use the same commission as the policy premium.
Enter the minimum earned premium.
Click OK to save and return to the Submission Entry – Quote Detail – Pg.2 screen.

Surplus Lines Tax Calculator

Click Reset Taxes to ensure the most up to date tax information is displayed. If the amounts aren’t what you expected, click on the link to view the State Sheets or reach out to the Surplus Lines Tax department at SLTax@ryansg.com. Click OK when finished.

Multi-State Taxes

Multi-State submissions are indicated by the NRRA Multi-State field on the Submission Entry screen. If enabled, the Surplus Lines Tax Calculator screen will look different.

The home state is selected by default. The premium, fees, and TRIA are automatically allocated here.

Click the magnifying glass next to Taxes to see the Surplus Lines Tax Calculator. Adjust allocation as needed. Be sure to Reset Taxes.
Click +Add to add other risk states.
Check Percent Based if allocating premium by percentage. Click Calculate to update.
Click Save when complete.

Version 2, 7/15/2022

Digital & Technical Solutions Application Training & Support

This document is deemed internal and confidential and cannot be released outside of RT Specialty or its subsidiaries.