Escrow Billing Workflow

In this topic, we continue our discussion of escrow billing that we began in Escrow Billing.

In the steps that follow, we show you how to correctly document and invoice escrow premium or lines of credit.

  1. Complete Submission Entry – Quote Detail – Pg. 2 as required by your agency with respects to the selection of market and risk companies, product, terms (premium, fees, terrorism, and taxes), limits, deductibles, terms and conditions, and endorsements.
  2. Click the Escrow/LOC/Report tab.
    This tab is intended for use in documenting the existence of escrow premium or a line of credit, as well as whether or not this policy is subject to a Reporting Form policy provision.
  3. If the policy is subject to escrow, make the appropriate selections in the Escrow group box.
    1. Escrow – indicates that escrow applies to the policy
    2. Type of Escrow
      1. Premium – flat amount
      2. Percentage – percentage of premium
    3. Escrow % – escrow percentage
    4. Amount – escrow amount
  4. If the policy is subject to a line of credit (LOC), select Line of Credit and enter the amount of the line of credit in the LOC Amount box.
  5. If the policy is written on a reporting form provision basis, select Monthly Reporting, and then enter the estimated full term premium in the Estimated FT Premium box.
  6. When all fields are complete as required by your agency, click the Quote or Bind button.

  1. If you have clicked the Bind button, proceed to the Issue Binder dialog box and process the resulting document as required by your agency.

  1. Review Invoice Transaction Header for any necessary changes required by your agency.
  2. Click OK.

  1. Review the invoice information displayed in the Invoice Screen dialog box.
    Note that escrow premium is not displayed on the resulting invoice.

  1. Click Post.

  1. Process the resulting invoice as defined by your agency.
  2. When the Invoice Transaction – Header dialog box is displayed again make any necessary changes as defined by your agency.
  3. In the Invoice Screen dialog box note that the escrow premium is displayed.
  4. Post and distribute the invoice as required by your agency.

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