Rent Insurance functionality overview (UK only)

Rent Insurance functions available on the tenancy screen:

• Mark the policy as active

• Dedicated letter/document storage area

• Raise and manage existing claims (one of several areas you can do this)

• Store a policy reference

• Store policy dates (required in order to make any claims within the dates specified)

• Document sending preferences

• Initiate premium collections

• Specify the amount of premium to collect (if different to the default )

• View the current ‘balance’ of claims against the tenancy

From Chase Arrears:

• A user filters the screen by Days which is a tenancy specific value rather than invoice specific
  This allows them to see all rent invoices in arrears at <x> days

• At that point a claim can be raised in the Chase Arrears screen by clicking New Claim

• If the claim date falls outside the policy dates, the user will not be able to make that claim

• The claim is raised manually each time, there is no automatic process to do this

• Each claim is subject to three stages of approval - submission, approval & payment - which can be set against different users or roles through system security

From Manage Rent Insurance Claims screen:

• Quickly move all claims through the various stages of approval and payment

• Claims can be rejected and a reason provided

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When a claim is paid, there are a few key movements of money:

• The rent invoice claimed is paid via a direct transfer of funds from a supplier (company) record in Reapit - funds will need to be present at the point of authorisation in order for this to happen

• Rent is immediately transferred to the landlord ledger like any other rent invoice

• The statement does not highlight that the rent received was paid by the insurance product - therefore this is not apparent to the landlord

• A recovery invoice is raised automatically to repay the supplier/company record in Reapit, dated the same invoice date as the original rent invoice - this allows credit control to continue for any arrears

• When the recovery invoice is paid, it repays the supplier that funded the claim and not the landlord

• Money moves cyclically in the supplier/company record – funds need to be inputted (transferred in to the client account) to the record in order to pay claims

Most reporting needed on Rent Insurance is run:

• directly from the supplier transaction record (filtering what is needed)
  OR

• via custom Query Transactions reports

The configuration options and their definitions/uses are:

• Provider/Underwriter: is set up as a company/supplier on the system

• Default policy premium: set the percentage of the rent (NET) subject to VAT and/or IPT
  Policy premiums have to be charged in line with the rent periodic

  • Can modify per property: when ticked, allows the user to make changes to the default policy premium value on a tenancy-by-tenancy basis

• Renewal Day / Month: allows you to identify a specific day/month for all policies to renew

• Max Amount Claimable: set the maximum amount of rent you can claim against an individual policy in any 12-month window

• Max Legal Fees Claimable: set the maximum amount of legal/other costs you can claim against an individual policy in any 12-month window

• Minimum days in arrears before allowing claims: set the minimum number of days the tenancy has to be in arrears before you can begin any claim process

• Rejected Claims Displayed: set the number of days rejected claims remain on your dashboard before the system automatically removes them
  If you need them to remain indefinitely, this field is set to 0

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