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Insurance Activity Report

The Insurance Activity report provides details about insurance transactions for the report's date range.

The summary table provides totals for each type of transaction during the report's date range. The calculation for the net amount is

PAYMENTS - REVERSES + CREDITS - REFUNDS PAID - RETAINED FEES = NET AMOUNT

The net amount is the amount due to your insurance provider. It should match the net amount listed on the Insurance Statement.

Why are credits added to the total rather than deducted from it? You and your insurance provider agreed on the amount of the premiums you would charge your tenants. Since credits are concessions you give to your tenants that reduce the premiums you agreed to collect, they are added back into the total due to the insurance provider.

 

The policy activity table lists each tenant who had insurance-related activity during the report's date range along with the unit number involved in the action, the policy number, coverage amount and percentage coverage, monthly premium amount, paid through date, the date of the activity, and what the activity was.

Retained Fee: Retained admin fees are your commissions for selling insurance. To adjust the retained fee, go to Corporate Settings>Software Settings>Insurance Settings. Note: Adjustments will only apply to units that had insurance added after the adjustment was made, and storEDGE does not record any general ledger entries for retained fees.

 

The billing ledger table provides much of the same information as the policy activity table but focuses solely on the financial transactions during the reporting period.

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