Create policy condition

post https://{host}/riskmodeler/v1/policies//policycondition

Creates a policy condition that identifies a special condition that applies to a location. A policy condition may be used to implement policy restrictions or sublimits at a particular location.

The policy condition type specifies whether the condition restricts all policy coverage to specific locations (policy restriction) or whether a portion of the coverage is limited to a subset oflocations (sublimit).

  • A policy restriction condition identifies a location that is subject to a particular policy. If specified, a policy covers locations defined by the location condition, e.g., a policy that covers only California locations. Coverage for all other locations is assumed to be excluded. Only one policy restriction location condition is allowed per policy. Financial terms specified on the policy itself apply. Additional sublimits can apply to a subset of locations. Sublimit conditions have second priority after any policy restriction.

  • A sublimit restriction identifies locations that are subject to reduced insurance (limit) or a different deductible than the policy. A single policy can include multiple sublimit conditions. Locations that are not covered by a sublimit are subject to the terms of the policy. For example: (1) A $100M earthquake policy with a $20M sublimit on California locations. (2) A $100M earthquake policy with a blanket deductible of $15K except for California locations, which are subject to a $30K deductible.

  • The id attribute specifies the ID of the policy condition.

  • The name attribute identifies the condition. Unique per policy but can be reused within an account.

  • The isPredefined attribute specifies if the policy condition is predefined (true) or ad-hoc (false).

  • The limit attribute specifies the total amount of coverage provided by the condition. Is multiplied by the insurer's pro-rata participation to determine their specific exposure.

  • The deductible attribute specifies a deductible that is associated with the condition. Values <= 1 are interpreted as percentages; values > 1 are interpreted as flat amounts. By default, 0.

  • The deductibleType attribute specifies the deductible type. One of 0 (the % of values) or 1 (reserved for future use). By default, 0.

  • The conditionType attribute specifies whether the condition restricts all policy coverage to specific locations (policy condition) or a portion of the coverage is limited to a subset of locations (sublimit). One of 1 (policy restriction) or 2 (sublimit).

  • The parentCondition attribute specifies the id of the parent condition when the policy condition is a sub-condition.

  • The policyNumber attribute specifies the ID of a policy. If the policy condition is predefined, 0.

  • The policyConditionCriterias attribute is an object that specifies the criteria (if any) associated with the policy condition. Policy conditions may be applied to locations that match the specified criteria.

  • The percentOfLossDeductibleAmountattribute specifies the percent of loss deductible amount as a percentage. Deductible expressed as a percentage of loss for a given coverage or combination of coverages. As the loss increases, the deductible amount increases.

  • The isFranchiseDeductible attribute indicates if the deductible is conventional or franchise.

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