[Cyber, Liability] Financial coverages and field name revisions

[johcarter]

Description

• Relabelling Financial Fraud coverage code 'FIN' to 'FRD' to allow 'FIN' to be used as an 'All Financial Coverages' code.
• Retain original field name PolDed (instead of proposed PolDedAll)
• Retain original field name PolLimit (instead of proposed PolLimitAll)
• Retain original field name PolSIR (instead of proposed PolSIRAll)

Reasons for change

More explicit labelling of financial coverages to avoid mix ups between property coverages and financial terms.

The coverage scope of the PolDed and PolLimit will be defined by PolCoverage, defaulting to 'FIN' meaning all Financial coverages if not otherwise specified.

Not affixing 'FIN' to the field name is to allow flexibility for other classes of business which have a PolDed/ PolLimit but a different set of standard coverages (e.g liability). Liability coverages are WIP - further revisions may be made to this proposal to align with liability.

Scope of change

• Location File
• [X ] Accounts File
• Reinsurance Scope
• Reinsurance Info

PolDedFRD replaces PolDedFIN (Financial Fraud sub deductible field)
PolLimitFRD replaces PolLimitFIN (Financial Fraud sub limit field)
PolCoverage default value ='FIN' (rather than proposed 'All')

Impact of change

Breaking for Cyber as part of a major revision

[johcarter]

Feedback suggests that liability classes does not need coverage codes because LOB (original ODSLiabilityClass) and CoverageClassDescription fields are sufficient to describe liability coverage. The PolCoverage field will only be used for Cyber coverages and it is not necessary to generalise the codes.

Updated proposal;

• Retain PolLimit field unchanged, applying to Cyber and Liability
• Retain PolDed field unchanged, applying to Cyber and Liability
• SIR becomes PolSIR (not PolSIRAll), applying to Cyber and Liability
• PolCoverage field applicable to Cyber only
• Retain cyber coverage FIN (do not relabel as FRA)
• Relabel 'All Financial coverages' as 'All Cyber coverages' with code 'CYB' rather than 'All' or 'FIN' which are vague.
• Set default value of PolCoverage to 'CYB' (meaning all cyber coverages are covered by policy if field is not present or is present but blank).

[MattDonovan82]

@johcarter where can these updates be viewed in the proposed spec ?