Property and Casualty Insurances (P&C) are an important consideration in a client's overall financial fitness. Apply P&C financial tiles to an Asset-Map to engage your clients in these important conversations. Include them in your Comprehensive Report for your client.

To Add a Property & Casualty instrument to an Asset-Map select Insurance from the Asset-Map Actions menu. Then select Property & Casualty from the Insurance Type pick list. Complete the required information, and click Create.

(This can be done from the Financials Tab as well under the Insurance section.)

About Covered Assets

If an asset is selected under the Covered Asset(s) pick-list in a Property & Casualty insurance instrument modal, the Property & Casualty instrument will then appear attached and below the selected asset(s) on the Asset-Map of the Insured Member(s).

Show P&C will show Property & Casualty instruments when it is enabled. When disabled, the P&C instruments will not be visible on the Asset-Map in an effort to keep the Asset-Map concise if there are a large number of financials already on a map. Property & Casualty instruments can still be added to a Household when P&C Display is disabled. They are visible in the Financials view, and they are still visible on the Policy Summary.

Property & Casualty Insurance types are in their own section on the Policy Summary page and report. Advisors have the ability to dynamically include/exclude Property & Casualty insurances by simply (de)selecting the associated check box from the page in order to quickly limit the information displayed for purposes of more focused discussions and reporting.

This same option has also been added to the existing Reports page, allowing advisors to easily include/exclude insurance types for both their ad-hoc and comprehensive reporting needs.

State laws regarding P&C are varied. Therefore, there is no strict best practice of what to include on the P&C Insurance financial other than to place something regarding property/casualty on the map. As far as the coverage value goes, consider what's best for the conversation regarding auto coverage, property protection, liability insurance, umbrella insurances and business-related insurances. Use the description text fields creatively to convey intent and what the insurance dollar value is for. Finally, we suggest using the NOTES tab to describe the policy in greater detail. Notes can be created as part of a comprehensive report or created as its own page.

Tags: Liability, homeowners, flood, replacement, property, coverage, loss, auto, personal, business, commercial, insured, umbrella

3/2024