"Record Only" claims are claims that are reported for reference or "record only" when the insured's claim is being handled by a 3rd party's insurance carrier. Additionally, these types of claims can be set up on canceled or recent image of a policy as well. In these cases, a current image for the date of loss does not exist.
When submitting a claim with a claim type of "Record Only," only expense payments are allowed in case an adjuster incurs investigation costs.
If, however, the claim needs to be activated for claims handling at a future date, the adjuster can change the claim type from "Record Only" to "Normal" before loss reserves and payments can be processed on the claim, if there is coverage.
This Help File includes:
Submitting a "Record Only" Claim
"Record Only" Features (Coverages)
Processing Expense Reserves and Payments
Access the client's policy; select Claims from the Quick Links Navigation Pane.
Click Add.
On the New Claim screen, enter the Loss Date (entry format MM/DD/YYYY) and click OK. This returns the Loss Notice screen. Make the following selections:
Type of Loss: Required; select from the combo box.
Description: Enter a brief narrative about the loss.
Tracking Type: Select the tracking type.
Claim Type: Choose Record Only as the claim type.
On the remaining tabs, select any of the tabs and enter any additional information you may have about the claim.
After all information is entered, click Submit. Answer Yes to the question: "Save changes?"
Once you have submitted the claim as "Record Only," you will also need to set up claimants and the related features / coverages. Features / coverages that are set up on "Record Only" claims default as "Record Only."
From the Claim Tree View, highlight the claimant the feature is attached to.
Click the Features folder and select Add.
On the Feature screen displays, place a check in the Record Only field. Select the sub-exposure and coverage from the combo list, and choose Save.
Answer Yes to the question: "Save changes?" The feature is added to the Claim Tree View as "Record Only."
Note: "Record Only" features are not meant to be set up without choosing a coverage. It allows a feature to be set up when there is no coverage (i.e., a zero limit.) Most coverages are listed whether they are covered or not. There could be some scheduled items and some of the optional coverages listed for property. This is because these are only written out on a policy when they have been added.
"Record Only" features can also be used on claims that are NOT record only when a coverage is chosen that does not have coverage (e.g., collision or comprehensive is selected but neither exists on the policy).
To identify claim transactions that are allowed for "Record Only" transaction processing, the Record Only field in the Claim Transaction table must be equal to "1." Generally, only expense reserves and expense payments are allowed against "Record Only" features and coverages.
To set up an expense reserve:
On the left side of the Claim Tree View, highlight the feature the expense reserve is attached to.
Click the Transactions folder and select Add.
When the New Transaction screen returns:
Category: From the combo box, select Expense Reserve.
Type: Choose an expense reserve type from the combo box.
Amount: Enter a dollar amount for the reserve.
Transaction Remark: Enter a brief narrative describing the reserve.
Click the Issue button.
Answer Yes to the question: "Issue this transaction?" The expense reserve is added to the Claim Detail Tree View.
When an expense payment is needed on the "Record Only" claim:
On the left side of the Claim Tree View, highlight the feature the expense payment is being paid to.
Click Add Transaction.
When the New Transaction screen displays:
Category: Select the Expense Payment from the combo box.
Type: Choose the type of expense payment being written from the combo box.
Transaction Remark: Enter a brief description of the check transaction being written.
Amount: Enter the dollar amount of the check.
Next, assign the payee / mail-to information by clicking on the Payee Info tab. From the Payee Info tab: