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The proposal is to update the BITIV field description to make clear the TIV is an annualised figure. The Period Of Indemnity 'BIPOI' default value is 365, meaning that the maximum sum insured is equal to the annualised BITIV. The BIPOI may be entered differently, but BITIV would remain as the annualised figure.
New description:
“Business Interruption (BI) Annualised Value, if POI is not 365 days please enter a valid value in BIPOI”
Reasons for change
This will make the relationship between BITIV and BIPOI clearer in the spec, as the BITIV could currently be interpreted as an annualised figure or a limit for a different POI.
Scope of change
Location File
Accounts File
Reinsurance Scope
Reinsurance Info
[ X] Specification
Impact of change
None - this is just a field description update.
The text was updated successfully, but these errors were encountered:
Description
The proposal is to update the BITIV field description to make clear the TIV is an annualised figure. The Period Of Indemnity 'BIPOI' default value is 365, meaning that the maximum sum insured is equal to the annualised BITIV. The BIPOI may be entered differently, but BITIV would remain as the annualised figure.
New description:
“Business Interruption (BI) Annualised Value, if POI is not 365 days please enter a valid value in BIPOI”
Reasons for change
This will make the relationship between BITIV and BIPOI clearer in the spec, as the BITIV could currently be interpreted as an annualised figure or a limit for a different POI.
Scope of change
Impact of change
None - this is just a field description update.
The text was updated successfully, but these errors were encountered: