Creates a reinsurance cession for the specified location.
A reinsurance cession is a contract between a primary insurer (cedent) and a reinsurer that is applied to a particular risk, e.g. a single location or policy. A location cession defines the terms of agreement by which the reinsurer (a facultative reinsurer or treaty) assumes a portion of the risk for a single location.
Multiple reinsurance cessions can be applied to the same location as reinsurance layers. Each reinsurance cession is defined by a limit (layerAmount), an attachment point (excessAmount), an inuring priority (priority), and participation percentage (percentReinsurance). There is no limit to the number of reinsurance cessions that can be applied to a location, but the sum of the percentReinsurance values cannot exceed 100%.
Depending on its type (Facultative or Treaty), the location cession may cede risk to a facultative reinsurer or surplus share treaty.