OPEN MARINE - P&I CLUBS AND MARINE INSURERS

Insurance Ledgers

Technical closings
Population of the Open Marine insurance ledgers for inwards and outwards premium and claims (recoveries) by manual entry, automatic policy, claim or reinsurance profile generation (as appropriate).

Cash
Cash is manually entered either as an individual premium (or claim) or bordereaux balance or processed and matched automatically with technical transactions. Partial and unallocated cash can be maintained in the ledger.

Allocation
For partial inward settlements and outward reinsurance recoveries from multi-reinsurer reinsurance contracts, partial allocation of an outstanding technical closing is possible. Full allocation history, journalising and de-allocation (in open month) are available.

Ledger analysis
Credit control balances and aged debt reports on-line include “as at”, currency and principal selection options.

Write-off
Technical losses and gains due to currency rate of exchange movements may be written off, within a pre-defined tolerance.

Revaluation
Outstanding ledger values may be revalued using current (month-end) rates of exchange as a part of the month-end process.